Stima Sacco has opened a new branch in Embu town, joining the nationwide Saccos with a presence in Embu County, in a drive for a share of the region’s rising clientele.
The branch, located at Pearl Plaza, next to Kasturi Supermarket, was unveiled on Wednesday and will serve the greater Mt. Kenya region.
The Sacco’s National Chairman Ken Tarus said that in the Strategic Plan 2016 -2020, they plan to roll out three branches per year, in various locations aiming to bring services closer to members and generate revenue for the Sacco.
The Sacco last month opened a new branch in Nairobi’s Central Business District and more branches earlier in Nakuru, Mombasa, Kisumu, Eldoret and Olkaria.
In a speech read on his behalf by Sacco’s National Treasurer John Mudany, Tarus said that in a bid to remain competitive, they had adopted use of modern technology to improve reliability and improve service delivery.
He said plans are underway to introduce new products and initiate programs that yield more returns on investment to boost members’ economic base, as well as diversify the business so as to give greater value to the shareholders.
“New business lines such as an insurance agency are at an advance stage of implementation so as to tap into the ever increasing insurance market share. The Sacco will also refocus on the energy and allied sector to grow the loan book as well as cross sell products and services so as to maximize on the ever growing sector as we seek new markets and opportunities,” he said.
Sacco CEO Chris Useki said that by opening the Embu branch, they hope to meet demands of their growing membership in the region and also ease pressure on those travelling all the way to Nairobi in pursuit of the services.
“In this region, we are looking at rolling out agricultural based products that will enable small scale farmers to obtain a wide range of services from our institution,” he said
Embu Governor Martin Wambora in a speech read by his deputy David Kariuki said his government will endeavor to create a conducive policy, legal and regulatory environment for co-operatives to operate in.
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He said institutions setting branches in Embu will present opportunities for the unbanked and the underbanked to ensure they are also included in the financial sector.
Stima Sacco, with an asset base of Sh30 billion, is one of the leading and second largest Sacco in Africa having a long heritage since its establishment in 1974.