Mwalimu Savings and Credit Co-operative Society (Sacco) over the weekend opened Nakuru branch offices, becoming the top savings group in the country, after it grew its loans book by Sh2.7 billion.
Speaking during the launch, commissioner of co-operatives Patrick Musyimi applauded the Sacco for its achievement of solidifying its position as the top lender in the country.
“I congratulate the top management and the membership of the Sacco for the rapid achievements aimed at realising economic growth in the country,” commissioner said.
“The move by the Sacco to open its doors to spouses of its members is also commendable as it is a sure way of bringing tailor-made services to all members to ensure growth.”
He said that Mwalimu Sacco, whose membership is mainly constituted of teachers, increased its membership to 57,277 from 54,664 a year earlier.
Musyimi added that the Sacco’s corporate governance training is a good step towards enhancement of decision making and accountability.
Mwalimu Sacco chairman Shem Motuka said the Sacco’s assets increased to Sh22 billion.
“Mwalimu’s growth is because of the large catchment areas that they have, all secondary school teachers, most of whom have stable incomes,” said Motuka.
He said the Sacco is planning to provide insurance brokerage to its customers in order to diversify Sacco income streams. Motuka also revealed that the Sacco, through its Child Hope Foundation initiative, awarded 50 scholarships worth Sh3.1 million this year to needy orphaned children.
He urged teachers and their spouses from across the country to invest in the Sacco as a way of eradicating poverty and grow the economy.
“The average savings per individual is Sh316,354 and I encourage you to prepare for your retirement through investing in the Sacco,” he said.