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Corporate

Mwalimu sacco widens lead in Sh19bn loans

Meru County

Mwalimu National Savings and Credit Cooperative society has loaned members Sh19.66 billion this year, putting it in a position to widen its lead on other Saccos for the second year.

Sacco national chairman Shem Motuka attributed this to the high returns on deposits and savings which have been improving over the years.

Kenya’s largest Sacco last year had assets, mostly made up of loans, of Sh22 billion ahead of their closest competitor, Harambee of civil service with Sh16.9 billion.

Other top Saccos were Afya with Sh10.8 billion, Stima Sh9.4 billion and Kenya Police with Sh9 billion.

Last year Mwalimu grew its assets Sh2.7 billion.

The Sacco that opened a Meru branch last weekend said sound management practices and hard work by its employees had immensely contributed to the sacco’s growth.

“Having noted the potential of the Mt Kenya east region, it was logical to open a branch in Meru. It is our objective to increase customer’s access to financial services by expanding our branch network in strategic and potential areas,” said Mr Motuka.

The Sacco has other branches in Kisumu, Nyeri, Webuye, Kisii, Mombasa, Eldoret, Nakuru, Kitui and Upper Hill in Nairobi. It has a membership of 54,976.

Economic status

Mr Motuka said the management would continue to help its members, majority of them teachers, and their spouses improve their economic status.

He emphasised the need to review the Sacco’s credit policy based on customer feedback.

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