Stima Sacco has revealed its commitment to bridge shortfalls in the planned affordable housing projects.
Dr. Gamaliel Hassan, the Sacco CEO, said that they are equity seed shareholders of the Kenya Mortgage Refinance Company and would commit funds to finance members and partners involved in the housing projects.
“We are financing our members to an interest of up to 9 percent on a reducing balance for up to 25 years for affordable housing,” said Dr Hassan.
However, he encouraged Kenyans to develop a saving culture saying it would help in beating inflation.
“We will offer our members any additional financial literacy and awareness. At least 81 percent of our members have access to financial literacy but it can be improved. This will help them to save and improve their livelihood,” added the CEO.
Dr Hassan who spoke while opening the Sacco’s 11th branch in Meru, said it is part of their effort to extend services to the society.
He noted that establishment of Meru branch will improve financial welfare. Meru is the 6th largest urban in the country.
He lauded the county government for providing an enabling environment through licensing, promoting investors’ welfare and providing infrastructure.
He encouraged locals to explore financial products offered for a secure financial future, saying they are also eyeing research and development.
Dr. Gamaliel Hassan, the Sacco CEO flags off the caravan to popularize the Sacco in the region. Photo. MPC Repoter
The Sacco chairman, Eng. Albert Mugo, through a speech read by Secretary Osman Khatolwa, assured all stakeholders that they will be incorporated in the financial programs laid down by the Sacco.
“Saccos are driving Kenya towards achievement of vision 2030…It is through innovation that the industry will be able to grow and make an impact in the society,” he said.
Meru governor Kawira Mwangaza urged the Sacco to tap into opportunities in agribusiness to build a robust financial base in the county.
She also encouraged financial institutions to capitalize on deposit taking, adding that her government has developed a cooperatives act that will govern the sector.
“In Meru you have guaranteed members who don’t default on loan repayment.
Think of opening more branches across the County as there is a friendly environment to do business,” said the governor.
She however requested the sacco to create job opportunities for the locals, and appreciated the Sacco’s Corporate Social Responsibility (CSR) where they are committed to renovate Nteere Park, which she says will make the community resonate with them.
Imenti North DCC Odillia Ndetti assured the financial institutions of their security, citing that the government is committed to ensure investors are protected.
She also called on saccos to consider investing in Cyber security.
“We all know there is a lot of fraud in the financial institutions, let us also invest in Cyber security to protect our investors from cyber crimes,” she said.
