18 February 2013

Kenya: Rivals Give Sacco Run for Money

The Nyeri Teachers Sacco has said it is facing stiff competitions from its rivals. David Muturi, the Sacco chairman, said their rivals, who offer instant loans, are luring more members into joining them.

Speaking during the annual general meeting at the weekend, Muturi said the Sacco now has 8,469 members. The society's is owed Sh12.2 billion in loans, up from last year's Sh10.8 billion. "Regular savings and wise borrowing form a better foundation for the future," Muturi said.

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