By TITUS TOO
Mwalimu National Savings and Credit Cooperative Society has opened its fifth Sacco banking branch in Eldoret town.
The branch which offers financial services to secondary and tertiary institution teachers in North Rift, becomes the latest financial institution in area to cater for an increasing number of tertiary institutions.
“We want to take banking services closer to our members countrywide. It will ease access to loans and advances among other financial needs of teachers,” said Shem Motuka, Sacco’s national chairman. Motuka said the Sacco is embracing performance-contracting systems for effective service delivery. “The new performance systems will ensure that members are served within the shortest time and also enable the Sacco achieve its financial targets,” he said. He added that members of the Sacco are now receiving their salaries through the bank and can also process loans and other allowances with ease.
Rose Sereti, a commissioner with Teachers Service Commission (TSC) said the institution will promote savings among teachers.
“With the new banking branch, secondary and tertiary institution teachers will save in their Sacco, educate their children as well as investing in property,” she said. The commissioner also said TSC is decentralising its services to counties and that it will support growth of Sacco movements.
Benjamin Teigong, the chairman of the Saccos supervisory committee urged members to utilise the financial services offered by the Sacco to better their living standards.
Teigong said the institution is offering business loans that can financially assist members who are preparing for their retirements.
Uasin Gishu County Governor Jackson Mandago said his county government would support Sacco movement in all sectors of the economy. Mandago said savings societies have clearly defined terms and minimal interest rates on loans and appealed to residents to join societies and boost their living standards.
