Tower DT Sacco has emerged as one of Kenya’s best-performing savings and credit cooperatives (Sacco), successfully navigating the country’s challenging economic conditions over the past year. Despite the devaluation of the Kenyan shilling and other economic difficulties, Tower Sacco has maintained resilience through strategic planning, thanks to its dedicated board of directors and management team.
At a special delegates’ meeting, that was held on 28 September, Tower Sacco Chairman Peter Mainah Ngugi emphasized the cooperative’s unwavering commitment to its vision of becoming a “universal Sacco of choice for excellent and vibrant economic growth.”
According to a report by the Sacco Societies Regulatory Authority (SASRA), Tower Sacco is now among the top five Saccos in Kenya in terms of total assets.
Chairman Ngugi noted that the Society has continued to tailor solutions for its members, despite the tough economic climate.
“The board of directors and management team have continuously tailored solutions to the members,” he said, highlighting the Sacco’s mission to offer diversified and sustainable products at competitive rates.
Tower Sacco has seen impressive growth in its membership, with active members increasing by 15% from 216,382 in August 2023 to 249,511 by August 2024. The Sacco’s share capital also grew by 18%, rising from Ksh 18.2 billion to Ksh 21.4 billion during the same period.
Ngugi encouraged members to continue embracing the Sacco’s saving culture, stating that financial independence could only be achieved through consistent saving habits. “It is only through continuous saving habits that one can achieve the desired financial independence,” he said.
Tower Sacco also increased the amount of loans disbursed to its members by 21%, offering Ksh 9.9 billion in the period under review, compared to Ksh 8.2 billion in the previous financial year. Ngugi stressed that the Sacco’s loan products are tailored to meet members’ financial needs and solve their specific problems.
The Sacco has introduced a new product called the Tower Sacco Holiday Account, designed to help members explore local opportunities, invest in businesses, and take refreshing retreats.
Expansion of Operations
In response to growing demand, the Sacco plans to open three new branches in Nyeri, Thika-Makongeni, and Nakuru. The expansion, set to be facilitated by the 2025 financial budget, will improve access to services for members in these areas. The Sacco also plans to purchase four vehicles to enhance service delivery across its expanding operational regions.
Technology has played a key role in Tower Sacco’s success, with 70% of its transactions now conducted digitally through mobile banking, ATMs, and agency banking. This shift has significantly reduced congestion in its branches, according to Ngugi.
Beyond financial services, Tower Sacco has also been active in climate change mitigation efforts. The Sacco has organized and participated in tree-planting campaigns and has partnered with companies to provide solar systems to members through affordable financing programs, supporting the transition to green energy.
Tower DT Sacco continues to grow in all dimensions and remains committed to its core goal of improving the social and economic standards of its members. The Sacco also fulfills the social responsibilities of the cooperative movement by initiating programs like tree planting which contributes to environmental sustainability.
