Teachers Saccos asked to join major association for operational efficiency

NAIROBI-Kenya Teachers Sacco Association [KETSA] national chairperson, Robert Njue has urged teachers’ Saccos in the country to join the association so that they are able to pool resources together.

Njue, who is also Winas Sacco chairman, said the association has been successful in ensuring employers remit money to the Saccos on time to avoid liquidity problems.

Speaking during KETSA’s 11th Annual Conference attended by Sacco officials, the Chair petitioned the Sacco Societies Regulatory Authority (SASRA) to review some of the regulations he said were harmful to Saccos.

“As an association, we are looking into programmes that will bring more income to member Saccos and enable us to have a common investment and bank in the future to afford loans,” he added.

Njue revealed that the association’s main theme for this year is Catapulting into the Future, which entails putting Saccos in a growth trajectory, expanding, touching more lives and becoming a choice financial institution.

He added that through the conferences they have had, they have been able to recruit more Saccos into the association.

Orient Sacco Chair Joseph Kinuthia said KETSA conference is crucial as they get new ideas that they will implement in their various Saccos.

The Sacco had liquidity problems and the association supported by allocating them fixed deposits which boosted them.

He said KETSA has supported member Saccos in advocacy and through capital fund to help them solve liquidity problems.

Kwetu Sacco chairman Julius Nzioka said the association’s conference addressed main issues facing Saccos.

“We also provide industry news relevant to the sector as well as connect to potential clients,” he proudly said.

Nzioka added that through the conference, teachers Saccos are united to enhance national goals and equality.

Michael Mugo, from CIC Group, urged the Saccos to invest in the future.

Leo Ndegwa, a Clinical nutritionist, called on teachers to watch their diet due to increased diseases related to diet. He said they should embrace traditional diet which entails eating of fresh food from the farm.

The nutritionist said fresh foods are better than processed food due to chemicals used while processing them.

Faida Investment Bank officials challenged Saccos to invest in government of Kenya Treasury Bonds since they are securities issued by the government through the Central Bank of Kenya [CBK].

Prevailing interest rates and the tenor time/duration of the bond play key roles in determining the rates of interest. Most bonds give between 11 and 15 percent each year in interest paid semi-annually.

KETSA is led by a Board of Directors drawn from the executive Board of all the member Saccos with the CEOs being the technical team.

As at December 2021, the association had 23 member Saccos.

https://thecooperator.news/kenyas-saccos-richest-in-africa-with-us-13-64-bln-in-total-assets/

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