Maktaba Sacco Limited has launched bid to widen its membership spectrum from the initial Kenya National Library Services (KNLS) staff to accommodate farmers, business group and employees from both private and government sectors.
The Sacco with its headquarters in Upper hill, Nairobi was founded in 1977 with only ten members but today has a membership of 2,000 with most of them being KNLS employees.
The organization manager Mr. Geoffrey Kurgat says due to public demand and deliberation by its delegates, they have revised policies to bring in entrepreneurs among other employees to widen its client base for quick growth.
“We have been in existence for 42 years with our members being purely being KNLS employees. We are proud that our favourable strategies, understanding; transparent management and supportive members, have withstood economic tides ,” Kugat said.
Kurgat says they have pulled resources together creating wealth for members who could not have made alone.
He attributes its slow development serving only government employees working in Kenya National Library Services but predicts immense growth following the entry of people from varied spheres of life that were attracted by their unique products that include: Interest free loans for Muslims (Halal Loans), Karibu loans meant all new members get, Development and Jipange loans.
“Our strength is based on compliance to Sacco Societies Regulatory Authority (SASRA) regulations, prompt loan approval and low interest rates that favour ordinary citizens who struggle to make ends meet” he said.
In line with its vision statement of being the leading Sacco in the country by offering dynamic financial services, Maktaba is committed to increase client base by opening more branches across the country.
The manager however states that large number of retiring members who are not replaced because the government employing rate is lower than before is their main challenge retarding membership growth.
“ Our greatest setback is the massive number of our members who retire and go unrecovered because the government is no longer employing in large numbers as it was in the past years” he added.
With the rising economy and high cost of living that is irrational to earning, Mr. Kurgat appeals to young people to join Sacco to jointly pull resources with other people as the only way to enjoy benefits that include cheap loans for investment.
When asked of working relationship with the government, Kurgat applauds the Industry, Trade and Cooperatives ministry for stipulating favourable policies.