How Saccos are transforming the face of Nyeri town
Taifa DT Sacco's new ultra-modern building in Nyeri town that will serve at its headquarters. Photo/James Murimi
The Cooperative movement has revolutionised the landscape of the once sleepy Nyeri town's Central Business District (CBD) through sprouting up of ultra-modern buildings.
This week, Taifa Deposit-Taking (DT) Sacco officially opened up its new six-storey headquarters building in town as members celebrated its 50 years anniversary.
Addressing journalists, the Taifa DT Sacco Chief Executive Officer (CEO) Samuel Ngugi said they they are committed to supporting their members in their individual and collective pursuit of financial growth.
"I wish to retaliate that our relentless focus to members' financial empowerment will remain our driving force in the new space. The iconic Taifa Sacco Building is a clear indication of what we can achieve when we come together," Mr Ngugi said during the celebrations.
"As you will witness, the design of the new building has been inspired by the desire to create a space that embodies innovation, sustainability and community," he added.
Nyeri Governor Mutahi Kahiga said his administration has over the years empowered the 198 Cooperatives drawn from various sectors in the county so as to spur economic growth at the grassroots.
"Our county is doing very well in terms of Cooperative movement and, as a country government, we are keen in ensuring that they are vibrant," Mr Kahiga said.
He said that his administration spends Sh5 million towards training Cooperative leaders in partnership with Dedan Kimathi University of Technology (DeKUT).
Taifa DT Sacco was started in 1974 as Union Banking Section of Nyeri District Co-operatives Union.
It transformed into Nyeri Farmers Sacco and then into Taifa Deposit-Taking (DT) Sacco where it has a membership of 9,000 farmers then.
Currently, the Sacco boosts of over 18,000 membership drawn from its 19 branches in the country.
According to Mr Ngugi, the Sacco has an asset base of over Sh5.2 billion, total savings of Sh4 billion and a share capital of Sh800 million.
The CEO noted that the financial institution has over the years financed Micro, Small and Medium Enterprises (MSMEs), agriculture and other economic sectors with bullions of shillings.
"These are not just figures, but indicators of our economic impact to the communities that we serve. To Taifa DT Sacco, progressive impact to the community matters more than the appearance of the figures. To Taifa DT Sacco, people come before profit," said Mr Ngugi.
In August this year, Biashara DT Sacco opened a ultra-modern building in the bustling Nyeri town as its headquarters.
The inauguration ceremony marked exactly 14 months since the building's groundbreaking ceremony took place.
The institution has so far established 14 branches and four satellite offices since its inception in 2006.
"The Cooperative movement should be seen as a vehicle through which the people are able to pool together their resources in building their economies. That is why we are proud of how the movement is transforming the face of Nyeri town," Governor Kahiga said.
