Bandari Sacco Thrives Where Many Have Failed

By Charles Ogallo

Bandari Sacco Society’s’ capital base has hit Ksh7b this financial year, according to the Board Chairman Mr Ken Sungu. 

The growth from last year's ksh5billion emerges as the Mombasa based Saving and Cooperative Society plans to launch of a 5 year Strategic Plan that will see its capital base increase further to ksh30billion by 2021.

According to Mr Sungu, the impressive growth was spurred by a conducive environment for investments provided currently and attractive interest rates the SACCO charges on loans which has also saw it registering more new members from various groups operating as Chamas.

The number of Chamas run by churches, Youth and women groups and operate their accounts with Bandari SACCO have increased from 300 to 600, according to Mr Sungu who was accompanied by his Vice Chairman.

Speaking recently during the Sacco’s education forum held at a Mombasa hotel, Mr Sungu stated categorically that the new crop of membership particularly from the general public was a sign of good performance by the Sacco in the country’s financial market.

The statement echoed by the Sacco Chief Executive Officer Mrs Agnes Munyi who revealed that further reforms were underway for implementation in order to see a higher growth in capital and profit margins for a sustainable development.

“ We are hoping to promote Table Banking and Chamas with a target of reaching even the common business person; that is “mama mboga.” the CEO told Press during the forum.

"Second you know in business you have to plough back to your customers and we have managed to give our members loans at a low interest of 11 percent this year and we plan to do more good things to ensure we satisfy their needs and need of this nation in term of growth and development across the board” Ms Munyi added.



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