As the country grapples with the financial meltdown, Kenyans have been challenged to invest their money in Saccos for financial prudence.
Leaders of the giant Ng’arisha Sacco formerly Bungoma teachers Sacco say that to overcome financial challenges, Kenyans must invest their money with Saccos.
Ng’arisha Sacco board chairman Mr.Benedict Simiyu says that for members to grow economically, the best way is to invest with Saccos.
“Ng’arisha has played a major role in changing members lives and catapulting their investment into a different level, we therefore welcome any person to invest with us and reap big from it,” said Simiyu.
Speaking at FarmView hotel in Busia town during the delegates annual general meeting, the board chairman observed that Ng’arisha Sacco has been able to change its members lives after investing their shares and later borrow it for their own development.
“Ng’arisha is one of the best Sacco’s across Western and North Rift regions, we offer good services and we are asking all and sundry to join this Sacco so that they can invest with us and in turn benefit from it,” he said.
He continued, “This meeting was meant to inform delegates of the development stakes and profit we have achieved so far and what we are supposed to pay our members as dividends so far,”.
Simiyu pointed out that it’s through investing their money with them that they can in turn borrow loans that can help them venture into different businesses and or manage to cater for life issues in future.
He noted that the Sacco doesn’t cater for only teachers as its primary members ship but it has diversified and opened its doors to the general public to invest with it.
“Initially the Sacco was meant to empower only teachers but with the changing trends in the money market we have opened our doors to the general public, this will enable them invest with us then in return they will benefit a lot,” he said.
The Chairman stated that they offer many products that are beneficial to the common member and those joining it will benefit from dividends offered yearly.
He affirmed that currently the Sacco membership has hit 15, 229 in 2019 compared to 14,604 in 2018 and they are still calling on the general public to join it.
Ng’arisha Sacco Net loans at 31st December 2018 and December 2019 stood at Sh1,744,152,970.46 and Sh1,779,325,706.00 at both Fosa and Bosa counters.
Simiyu stated that the society has disbursed a total of Sh1,744,325,706 compared to Sh1,744,065,407.45 giving a variance of Sh35,206,235.55.
“The Sacco closed the year (2019) with the net loan balance to members of Sh1,927,019, 627 while it was Sh1,776,645.40 in 2018,” said Simiyu.
The Sacco also managed to generate an income of Sh72,443,449.77 with a surplus of Sh65,995,458.35.
“We advocate for financial prudence and we are calling upon Kenyans to invest with us, we don’t segregate our members, we need a mama mboga, a hawker, a house wife and a manager to invest with us, this is the only way we can empower them economically, come join us and you won’t regret,” said Simiyu.
His sentiments were echoed by Bungoma East Kenya National Union of Teachers (Knut) executive secretary Aggrey Namisi who said that life can only be enjoyed later if any member can invest his or her little money.
“Am happy for having joined this Sacco, I can’t regret because the more I have invested with it I have realized its fruits, I have managed to buy a five acre farm and a car after taking a loan from Ng’arisha Sacco,
He called on the general public to invest with Ng’arisha Sacco and start reaping its benefits almost immediately.
“I urge the county government to continue investing with Ng’arisha Sacco because currently it is the only one in the entire county that has got many members, I laud the county for allowing the 2,000 ECDE teachers to make it their salary pay point.
Present were the Sacco CEO Macklins Wamukota, Finance Manager Aggrey Makari and Internal Auditor John Achola.