Africa-Press – Kenya. Ardhi Sacco has proposed a review of its borrowing power to Sh1 billion as it moves to expand its products offering and grow membership across the country.
This is from the current Sh1 million.
The sacco’s share capital and members deposits is currently at Sh2.1 billion, with its loan portfolio at about Sh2 billion. The sacco has an asset base of Sh2.4 billion.
Ardhi sacco which recently held its 51st annual delegates meeting at a Nairobi hotel, was formed on October 5, 1971 by employees of the then Ministry of Lands and Settlement. At the rime, each member contributed a minimum of Sh20.
Later, due to transfers within the ministries and the effects of liberaklisation, the society opened the common bond to allow membership from across the board.
According to chairman Joseph Ochola, the sacco which has 32 branches and 20 units across the country plans to introduce new products, among them school fees savings.
This will be open to all members with the minimum deposit set at Sh500, with a minimum interest earning balance of Sh5,000 at an interest rate of six per cent.
“We also plan to introduce pengo loan where the maximum loan amount will be Sh1 million to meet emergency needs. This will be granted to employed officers from government institutions and parastatals,” Ochola said.
Ochola noted that the sacco’s benevolent fund to cater for the nuclear family would be at Sh15,000. To date, the sacco has registered 25,421 members with 9,200 active membership.
They plan to recruit 1,000 members by the end of December.
The Sacco members are currently drawn from government ministries and institutions, private sector, groups, and individuals who qualify as per the society by-laws.
Its subsidiary-Ardhi Housing Co-operative Society, is charged with real estate projects among them Ngara housing apartments and buying and selling of land.
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