Cosmopolitan emerges as the best Sacco in Nakuru County-Ushirika

County is now targeting to increase its membership to 30,000 and grow the Sacco asset base to Kshs. 10 billion by 2020.

The Sacco Chairman assures that already the Sacco has put in place mechanisms and machineries ready to hit the road with intensive recruitment drive and conduct proper members education in their target areas.

Cosmopolitan Sacco members of the board led by Chairman John Muigai receive a trophy for the best overall Sacco in Nakuru County.

By Malachi Motano

The Ushirika day planning committee awarded top performing Savings and credit cooperative societies (Saccos) with Cosmopolitan Sacco, formerly Nakuru teachers Sacco scooping the best overall trophy when the County joined the rest of the world in marking the 97th international day of cooperatives reffered to in Kenya as Ushirika day celebrations.

According to the Sacco chairman John Muigai, Cosmopolitan is the heartbeat of Savers in Nakuru county as it comes up with products that are for the interest of every one from teachers, transporters, fishermen, the formerly employed and even ‘mama Mboga.’

Moving on The Sacco (Cosmopolitan) - the heartbeat of savers in Nakuru

“Many times members need updates on the Sacco. When they have the most current information they can even help us reach out for more members. To achieve this, we have decided to upgrade to a digital website to enable members and everybody who wish to register and pay monthly contribution to do so from where they are.”

Chief guest Raymond Komen the CEC incharge of Cooperatives in Nakuru addresses participants when the County marked the 97th Ushirika day at St,. Joseph’s Primary School in Nakuru town. “We want our membership to reach 30,000 by the end of next year. We are investing much on marketing, recruitment drives and members education. We have bought a ‘modern-classic’ vehicle and so marketing will not be an issue and to top up, the Sacco has motorbikes marked for the same exercise,” says the Chairman.

Reaching diaspora Madam Loice Methu is the Sacco’s Chief executive officer (CEO), “At the moment I can confidently say that we are exhausting Nakuru County. We also have our members in other towns, Counties and even abroad.

Many times members need updates on the Sacco. When they have the most current information they can even help us reach out for more members. To achieve this, we have decided to upgrade to a digital website to enable members and everybody who wish to register and pay monthly contribution to do so from where they are.

She adds that the digital website will also help in marketing the Sacco (for example the popping

add like those of online lenders).

The CEO says the Sacco will also introduce Pesa link very soon to allow members to transfer money from wherever they are to any account in any bank they wish.

People living with disability The Chief executive Officer reports that already the Sacco has trained one member of staff to be able to communicate with deaf people and members.

“We are also asking them (people living with disabilities) to come up with groups and we will assist them in getting loans,”Chairman adds his voice.

Tapping opportunities The Sacco Chairman is looking at the possible opportunities that are likely to come with the Dry port and metre gauge railway (MGR) in Maimahiu. He says with the dry port and the MGR continuing from Maimahiu where the Cosmopolitan Sacco CEO Loice Methu takes a ride in a modern-classic vehicle according to the Sacco Chairman John Muigai.

Trophies awarded to the winning Saccos during 2019 Ushirika day in Nakuru County.

Standard gauge railway (SGR) has reached as was indicated by the the CEC for trade and cooperatives in Nakuru County Raymond Komen, they want to make sure the Sacco is not left behind so that those with money can bank with them. Already the Sacco has four branches in Bahati, Molo Naivasha and Narok, but is also looking at establishing a satellite branches in Olenguruoni to tap savers in Keringet, Mwisho wa Lami to tap those in Mau Narok and Subukia to tap savers in Nyahururu.

Chairman, “At Cosmopolitan Sacco, we are helping our members achieve financial freedom through diverse credit and banking products. We are also business enablers. With access to our diverse loan products, our members can setup or boost their businesses.”

He says, “Our products include fixed deposit account where any amount of money can be fixed for between three, six, nine and twelve months. The benefits are, fixed cash deposited that grow in this account members can secure an advance of equivalent amount while interest rate earned is based on the market rate and additional 1% is added above this rate.”

The Sacco has M-banking Services offered to enables customers to access their FOSA accounts using mobile phones to bank or withdraw funds while at home, ATM services with an ATM card (Sacco Link) and visa card issued to a customer at a small fee. This card enables a customer to withdraw from any ATM nationally and internationally.

Safe Custody of documents FOSA offers safe custody of documents facility at a small fee annually. Some of the documents brought by customers for safe custody are title deeds, school certificates, shares certificates, and many other important documents.

Cosmoploitan Sacco top brass led by the Chairman John Muigai digests the Sacco success at the end of the 97th Ushirika day celebrations in Nakuru.