Loan product push Sacco's deposits to a billion
By Osinde Obare | July 4th 2020
Trans National Times Sacco total members’ deposits rose from Sh899 million in 2018 to Sh1 billion last year, data from the Sacco’s financial books show.
At the same time, the sacco extended Sh55 million in loans to members last year, closing at Sh855 million in the period ended December 31 2019.
The sacco was founded in 1977. It was initially serving Teachers Service Commission employees only but now has pensioners and members drawn from the civil service and disciplined forces.
Trans National Times has over 10,000 members. The sacco has also announced that it intends to recruit members from private sector workers, business people, farmers and registered groups.
According to the society’s chief executive officer George Malava, the entity intends to open three more branches in Kitale, Kachibora and Endebess.
Sacco chairman Robert Omari said yesterday that the new branches target small scale farmers and traders in Trans-Nzoia County. “This expansion aims at effectively serving our members and also targets small scale farmers and traders in the region,’’ Omari said.
He implored members to avoid unnecessary borrowing so as not to fall into bad debts which could cause them financial and psychological strain.
Malava urged members and the business community in Trans Nzoia to take advantage of the new branches and to save more with them.
“Apart from taking our services to our members, we have equipped our staff with necessary financial management skills and we expect members to seek technical knowledge before borrowing,’’ Malava said.
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