Wec Sacco chairman Mr. Joseph Ongiri has stated that there is need for sacco members to save wisely and steadily and ensure they only access loans when need arises and direct them to specific intended purposes.
The Bosa sacco chair noted that individual members should adapt the habit of using loans for a specific purpose as this will enable them own a utility, develop themselves and even push them to growth by adhering to the initial plan and purpose of the loan.
“For an effective small sacco like this, we advocate for members to save easily and we have a strict credit committee that ensures members pick loans which are used for a certain purpose,” Mr. Ongiri said.
Through evaluation of the loans, at the end of the process, the members are able to appreciate the progress since growth is witnessed. It also gives the members a morale to repay the loans since the repayment becomes a fun process.
The sacco offers various types of loans such as the education loans, development loans, special instant loans, festive loans and even the financing loans which substantiates the development loans when a member is stuck on a particular project and needs urgent loans for support.
Members however are advised to save consistently for a period of 6 months before acquiring their first loan which normally is 3-4 times the amount of their savings. The loans are then processed within forty- eight hours or less according to the type of loan applied for.
Wec members are also offered education trainings by the sacco and external stakeholders such as KUSCCO and CIC every year. This enables the members to understand money management, the importance of saving well, cultivate a saving culture, know the significance of maintaining a clean loan portfolio amongst other benefits.
The society’s internal audit ensures officials are at pace with what they are doing to keep them on track. Monitoring of the sacco’s operations is also done to keep track of the sacco’s activities. Through the process, Wec Sacco is able to gauge their progress overtime and check on the weak areas. The process is supported by the Ministry’s regular monitoring of the books.
Wec Sacco however, has made progressive growth within the past 16 years and with 34 members, it currently has an asset base of 20 million. According to last year’s records, the sacco gave loans up to 25 million and thus projects to grow up to 35 million in the next 10 years.
Membership in the sacco is currently restricted to Wec Company employees. However, membership can be retained even upon leaving employment from the company as far as the member is able to stick to their savings routine.
Wec Sacco aims to grow into trillions and provide a safe environment for its members.
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