Wakenya Pamoja Sacco Society management with its headquarters at Kahawa House building in Kisii town,serving members from Kisii,Nyamira and Homa-Bay counties,has blamed poor recovery of its loans on last year's poor tea bonus payments out of which the loanees were expected to offset their loans.
The Sacco Chairman,Nelson Simba has regretted that,the Society has yet to recover its loans within the required timeframe,since majority of the loanees were frustrated by the poor tea bonus payments from where they banked their hopes to service their loans.
Speaking at Gusii Institute of Technology during the Sacco's Annual Delegates Meeting,Simba challenged all loan defaulters who banked on the tea bonuses to repay their loans from alternative sources,before the Sacco management takes action according to terms and conditions stipulated in the contractual agreements.
Simba lamented that,due to long droughts reported in the country tea production was affected and majority of its members who expected to service their loans from their monthly tea payments could not do so due to poor harvest.
"As a Sacco management we are reminding all loan defaulters to service their loans from other alternative sources,following last year's poor tea bonus payments and the long droughts reported in the country in the beginning of this year which also affected tea production,"stated Simba.
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