19 November 2012

Kenya: Nyaga Praises Baringo Teachers Sacco for Investing Sh2.8 Billion in Property

The Baringo Teachers Savings and Credit Cooperative Society has assets worth more than Sh2.8 billion. The sacco, which has more than 33,000 members with shares, deposits and savings of more than Sh1.7 billion, has been renamed as Boresha Sacco.

Loans and advances to members have increased to Sh1.8 Billion and since its establishment 35 years ago, the sacco has given out Sh7.5 billion in loans to members.

Speaking when he opened a new branch in Eldoret town at the Zion Mall last week, Co-operatives minister Joseph Nyagah last week praised the sacco's achievements.

"Boresha has achieved rare success and should serve as an example to others and this is because of good management of its affairs," said Nyagah.

He said the co-operatives movement has grown because the government has put in place stringent measures on the running of saccos. He added that saccos should be well managed because they play a critical role in the country's economic development.

The function was attended by sacco chairman Kiptoo Kipruto, secretary Willy Chebet and board members Ezekiel Lonyangapeta and Pius Bolei. Kipruto said members changed the saccco's name as part of its rebranding. He said in its

Strategic Plan for 2012-2017, the sacco targets to have 60,000 accounts with 12,000 salaried members. He said the strategic plan focuses on governance and finance, customer orientation, employee empowerment, information management, share capital and investment sales.

The group has also registered the Boresha Community Foundation which has no capital but limited by guarantee. It will help to source for funds from all sources to assist community members in uplifting their standards of living and provide charitable support.

Copyright © 2012 The Star. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.