Sacco appoints new CEO, begins restructuring and turn-around program
The Board of Directors of Metropolitan National Sacco (formerly Kiambu Teachers Sacco) has announced the appointment of Benson Mwangi as the Chief Executive Officer of the SACCO.
Mwangi is an accomplished professional in financial and Sacco management, and most lately served as the SACCO’s Deputy Chief Executive Officer.
He will replace the SACCO’s former CEO Francis Ng’ang’a, who served the SACCO for over 30 years and was instrumental in its steady growth that saw the it become one of the pioneer regulated deposit-taking SACCOs in Kenya.
Metropolitan National Sacco is one of Kenya’s largest Savings & Credit Co-operatives (Saccos) with a membership of over 100,000, a total assets base of Sh13.6 Billion and runs 8 branches spread across the country.
The Board also announced the appointment of Cyrus Kariamwere as the Deputy Chief Executive Officer and Head of Business Development. Kariamwere has over 15 years’ experience in Banking, Financial Advisory and Consultancy while serving in senior management roles at a leading financial institution in the region. He will be tasked with providing key support to the Chief Executive Officer in executing the restructuring and transformation program and in driving key business strategies to revitalize and steer the SACCO to new heights.
The Metropolitan National Sacco Board is in the process of reviewing and recruiting for other key senior management roles with a view of enhancing and strengthening the SACCO operations as well as enriching service delivery. It has strategically partnered with the Co-operative Bank of Kenya for supporting the SACCO’s Corporate Restructure Program intended to stabilize and restructure the Sacco’s funding requirements to better manage the members’ monthly loan demands as well as the overall liquidity flows aimed at a complete turnaround of the Sacco.
“We wish to assure them (members) that the SACCO is on solid and sound footing, and that our journey towards full recovery is on course for a brighter, more prosperous future for all of us,” said the Board chairman Christopher Karanja.
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Metropolitan National SaccoKiambu Teachers SaccoCo-operative Bank of KenyaSACCO