Kenyans have been urged to embrace a culture of saving and investing as a key strategy for reducing poverty and improving household incomes.
Speaking during the official inauguration and members’ training of the Malaba Branch of Ports Sacco at the KNUT Hall in Amagoro on Saturday, Ports Sacco Board Chairman Ben Juma thanked Teso North MP Dr Oku Kaunya for championing the establishment of the branch, which has already attracted more than 700 members.
He described the border town as a strategic business hub because of the dry port and the planned Standard Gauge Railway extension.
Juma said Ports Sacco, founded in 1966, is a Tier One licensed deposit-taking Sacco regulated by the Sacco Societies Regulatory Authority (SASRA) and remains committed to empowering members through accessible financial services.
On his part, area MP Dr Oku Kaunya urged residents to join the Ports Sacco, saying its affordable interest rates would enable members to access credit, expand their businesses and improve their livelihoods.
Dr. Kaunya further commended Ports Sacco for its corporate social responsibility programme, which has seen 12 students benefit from scholarships, and appealed to the Sacco to increase the number of beneficiaries in future.
“It is worrying that Busia County has a poverty index of about 70 per cent, while Teso North stands at 64 per cent. This can only be reduced if our people embrace savings and investments,” said Kaunya.
Malaba Clearing and Forwarding Chairman Deogratius Otia appealed to the Sacco to allow teachers to serve as delegates without fear or intimidation, saying the move would strengthen the institution.
Otia assured the Sacco that clearing and forwarding agents will increase the numbers to serve Malaba, Busia and Lwakhakha border points. “Our target is to recruit 1,000 members and make the Malaba branch a model for others,” he said.
Busia County Kuppet Executive Secretary Charles Mukhwana lauded Ports Sacco for giving the highest dividends and thanked it for its CSR role in sponsoring teachers during Fun Day and primary and junior secondary games.
During a case study presentation, GESAO Foundation founder George Samson Ogwe said the organisation had enrolled 200 members into Ports Sacco and had already saved Ksh501,000.
“Our goal is to purchase a lorry for transporting event planning equipment,” he said.
Several members shared testimonies on how joining the Sacco had transformed their lives.
Lawyer Obella Opuru said he joined Ports Sacco one year ago. Adding that last month he secured a loan of Ksh500,000, which has enabled him to begin his development project.
Other beneficiaries include Nancy Orodi, a teacher at Bishop King’oo Secondary School and said she joined the Sacco after Malaba Branch and Samuel Emojong
Ports Sacco was established in 1966 by employees of the former East African Harbours and Railways Corporation, now the Kenya Ports Authority. The Sacco began with its Mombasa branch before expanding to Nairobi, Voi, Kisumu and now Malaba, with Likoni expected to be its next branch.
The Sacco currently has more than 20,000 members, an asset base of Ksh12 billion and a loan portfolio worth Ksh8 billion, making it one of Kenya’s leading Tier One deposit-taking Saccos.
Among the benefits highlighted were instant loan processing, loan eligibility of up to five times a member’s savings (and up to ten times for teachers), an annual interest of 12.5 per cent on deposits payable every January 15, competitive share capital returns and comprehensive insurance benefits.
Under the insurance package, beneficiaries receive Ksh100,000 for burial expenses upon the death of a member, outstanding loans are fully settled by insurance, and the next of kin receives twice the value of the deceased member’s deposits.
Members who become permanently disabled also have their outstanding loans cleared by insurance and may request a refund of their deposits.
