Biashara Sacco disburses Sh2.1bn loans, records Sh2.2bn savings
Biashara DT Sacco chairman Joseph Njamuku addressing the media in Nyeri town on October 12, 2024. Photo/James Murimi
Biashara DT Sacco Limited has disbursed Sh2.1 billion to its members and recorded a savings portfolio of Sh2.2 billion as at its last quarter of the financial year that ended on September 30, 2024.
Speaking to AVDelta News on Saturday in Nyeri town, the Sacco’s chairman Joseph Njamuku urged their members to continue with the culture of saving as well as applying for loans so as to expand their business ventures.
“As a Sacco, we have been able to disburse loans amounting to Sh2.1 billion and savings of Sh2.2 billion in the last one year,” Mr Njamuku said.
“I am urging our members to continue being devoted to saving and taking loans so that they can invest and contribute to the growth of our economy,” he added.
He said they are developing an assent management system which will soon be operational.
The chairman appealed to their members to verify and update records of their finance beneficiaries to avert future wrangles among family members.
Mr Njamuku said the majority of assets belonging to their members end up being surrendered to the Unclaimed Financial Assets Authority (UFAA).
“I appeal to all our members to update records of their account beneficiaries. Most of our members, while opening their accounts, tend to nominate their parents. But when they get married, they fail to update records of their beneficiaries by nominating their spouses or children,” said Mr Njamuku.
“Whatever they (our members) declare as beneficiaries in the records remains strictly confidential. It is sad that the majority of finances end up being surrendered at the Unclaimed Financial Assets Authority (UFAA),” he added.
The Sacco, which was established in 2006, is currently operating in Nyeri, Murang’a, Nyandarua, Kiambu, Nairobi, Kajiado, Embu, Nakuru, Laikipia, and Kirinyaga counties. It has four(4) satellite offices.
Recently, the financial institution opened its headquarters building along Kimathi Street in Nyeri town.
The first phase of the building was constructed at a cost of Sh143 million.
