The Lower Eastern Times Opening The Third Eye
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A Savings and Credit Cooperative organization for farmers in Kisii County has experienced substantial growth in its core capital, increasing from Sh600 million 12 years ago to Sh1.7 billion at present.
Wakenya Pamoja Sacco Society Limited, with a membership exceeding 130,000, primarily consists of coffee and tea farmers in the Gusii (Kisii and Nyamira) region, with a small representation of businessmen and pensioners.
Addressing participants at the annual general meeting for delegates held at Kisii National Polytechnic on the outskirts of Kisii town, the CEO of the organization, Isaac Omwenga, expressed confidence that WPS was on a positive trajectory and was poised to extend its operations to additional regions.
Omwenga outlined that WPS has inclusively catered to farmers at all levels, including smallholders, facilitating income growth. Additionally, the Sacco has opened avenues for micro, small, and medium enterprise owners to access credit.
To foster further growth, Omwenga revealed that they were urging members to augment their savings, serving as collateral when seeking credit, rather than depending solely on guarantors. This approach, he asserted, would enhance borrowing capacity and bolster the core capital.
Nevertheless, Omwenga lamented a rise in default rates, particularly amid the current challenging economic conditions. He attributed this trend to the high cost of living and diminished returns from cash crop sales.
Francis Ayieko, Chairman of Wakenya Pamoja, commended members for embracing mobile banking, citing its ease and efficiency, especially for elderly members, as a factor that has heightened the frequency of cash transactions.
Ayieko also identified competition from other Saccos as a challenge, stating that these rival institutions were attracting numerous clients from the region.
Established in 1976 as a Union Banking Section of Kisii Farmers’ Co-operative Union (KFCU), Wakenya Pamoja Sacco Society Limited gained autonomy in 1992 under the name Gusii Farmers Rural Sacco Society Limited (GRFS). It obtained a license to engage in deposit-taking Sacco business on May 20, 2011, adhering to the provisions of the Sacco Societies Act No. 14 of 2008. The society is overseen by a board of directors organized into various committees.
