Voted as one of the best saccos tier three in Credit Management during this year’s International Cooperative Day ICD, Tumaini Timbwani Sacco is on a dedicated mission to positively alter both its members’ and the local’s lives.
Located at the heart of Sheli Beach area in Timbwani, the society was originally created to assist the locals in the area to move from one financial level to another.
Guided by its motto, empowering through financial freedom, the sacco has for ten years, since its establishment in 2013, been striving towards empowering members with majority of them greatly benefitting from the society’s activities through various means such as establishing businesses, building houses and simply making their lives easier.
Majority of Tumaini Timbwani Sacco’s members are the workforce from Tumaini Timbwani School and parents whose children are in the school. The society which has grown over the years to become empowered financially, has held its members’ hands in settling hospital bills whenever a situation arose and also in aiding those interested in furthering their education pursue further studies.
Mr. Stanley Kioko, the society’s chairperson, says the sacco is focused in ensuring it grows exponentially by first supporting and growing its members. That being able to empower the members through meeting their financial needs is the most significant task the society has.
“Our ambition is to grow and move forward and we have done this by providing loans that members have greatly benefitted from.” He stated.
Additionally, the chair revealed that most of the learners in Tumaini Timbwani school were needy, majority of whom were being supported by sacco members by offering things such as food stuff, clothing, accommodation, and even allowances for upkeep.
“The sacco has had so much impact on the locals. The growth is visible and the members’ willingness to come in and grow together with the sacco says a lot. The positive move and impact are incredible.” Said Kioko.
Addressing the hard economic times, the chair says the sacco has set aside a reserve fund to cushion members. The society is further heavily investing in members’ financial education, and assisting them get loans they only need and those that would only be beneficial considering their circumstances.
“As a sacco, we have a number of products such as normal loans, refinance loans, education loans, salary loans and emergency loans, that our members can easily patronize,” added the chair.
The chairperson further registered concerns about the lack of young people actively taking part in sacco societies and their activities adding that the biggest problem facing most young people is lack of finances and the few that have a stream of income are not educated enough about the cooperative movement and its incredible benefits.
“We need to create forums to educate the young people on the importance of joining saccos and involving them in activities that help them. Spaces such as public meetings or the use of social media platforms can be effective in reaching the youth,” he explained.
The sacco movement, Kioko says, is a steadily growing industry that is and has empowered and held the hands of millions of people across the world in terms of financial growth and development and he encourages anyone looking to take their next financial step to join a sacco today.
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