Kenyans have been urged to ensure they utilize their savings and fuel reserves wisely amid the economic hardship occasioned by the ongoing Gulf crisis.
Yetu Sacco Chief Executive Officer Dennis Kirimi said the crisis between the USA and Iran government can only be resolved amicably by the national government and not the financial institutions.
Speaking during a presser at Yetu Sacco headquarters in Nkubu town, South Imenti constituency in Meru County, Kirimi said the role of the banking institutions is to educate and advice it members on how to prudently utilize their savings.
“I urge our members to utilize their savings and the remaining fuel reserves wisely in order to survive the difficult economic times occasioned by the gulf crisis. The entire country and world is going through economically unstable times,” said the CEO.
He regretted that the disposable members savings have gone down due to the increase of the fuel prizes making majority of members unable to obtain any credit from banking institutions.
The CEO said the best they can do is to advice members to utilize their savings prudently in order to survive the crisis while awaiting for the national government to give directions
“The gulf war fuel crisis has directly affected our operations. The oil is under the national government since it involves Iran and the USA governments. When the cost of fuel goes up it means the savings of our members are affected
He added:
It means the trading and cost of doing business becomes very small. The credit worthiness also goes down. As we watch the crisis unfold I advice members to utilize prudently their savings,” said the Yetu Sacco CEO.
Kirimi said the institution asset base currently stands at Sh 9.4 billion up from Sh 4 billion recorded six years ago noting it marks a growth rate of 30 percent.
“The Sacco has grown steadily for the last six years rising from an asset base of Sh 4 billion to Sh 9.4 billion. This translates to a 80 percent growth rate. It is not a small feat. That means our five year strategic plan starting from 2025 to 2029 is still on course,” said the CEO.
Kirimi said they will continue modernising the institution infrastructure in a bid to give it a cooperate image, digitalise most of the services and serve members from abroad.
He said the 200 million signature building constructed in the last five years with members savings has completely transformed the image of Nkubu town
