Tower Sacco added another feather to its cap with the launch of its magnificent, modern, and spacious Tower Sacco Plaza in a grand ceremony graced by the Prime Cabinet Secretary Musalia Mudavadi, who represented President William Ruto in the event held at Ol Kalou town.
The grand opening of the ultra-modern plaza of its kind in Nyandarua County highlights the Sacco’s success in providing quality service delivery which has propelled it to the top league of the best-performing financial institutions in the country.
“Tower Sacco Plaza is an important development for the Sacco that will provide adequate space for operations and improved service delivery to the members. I am happy to note that this endeavour has come from the concerted efforts of the Board, management and members, who have contributed immensely towards this project,” said President Ruto in a speech read on his behalf by Prime CS Mudavadi.
The President appreciated members’ continued loyalty and confidence to the Sacco, urging them to remain focused and united towards achieving their objectives in line with co-operative principles and values.
“The unique nature of the co-operative business model in aggregating both human and capital resources informed the Kenya Kwanza administration economic transformation agenda that focuses on uplifting livelihoods of Kenyans at the bottom of the economic pyramid,” said H.E. Dr. Ruto.
“Tower Sacco Plaza is an important development for the Sacco that will provide adequate space for operations and improved service delivery to the members. I am happy to note that this endeavor has come from the concerted efforts of the Board, management and members, who have contributed immensely towards this project” – President Dr William Ruto.
Ministry of Co-operatives, Micro, Small and Medium Enterprises Development Cabinet Secretary Hon. Simon Chelugui noted that Tower Sacco’s outstanding achievements have seen it rated among the best Tier 1 Saccos by the Ushirika Day Council and SASRA.
“Out of 2,000 Saccos, Tower was rated the 8th largest Sacco nationally by SASRA. With over Ksh20 billion in total assets, a Ksh16 billion loan book and Ksh15 billion deposits, the Sacco tells the story of great achievement for the people of Nyandarua. Its founders like Mr Humphrey Wang’ombe are happy,” said Mr Chelugui.
“The name Tower Sacco signifies the ability to see opportunity on the horizon, identify threats and challenges and prepare. The new building is an indicator of teamwork, dedication, hard work, the sacrifice of members, staff and management of the Sacco,” he added. He called on Kenyans to save through Saccos, noting savings are a great national investment.
Nyandarua Governor Dr. Badilisha Kiarie described the Tower Sacco as a success noting it has spurred economic growth in the county. “The Sacco is doing well in promoting agribusiness and MSMEs in the county. We are proud of Tower as Nyandarua people,” he said.
Mr. Peter Ngugi, who narrated Tower’s illustrious journey since its inception, said the building, which has a basement, ground floor, mezzanine, eight floors, and a rooftop, was constructed at the cost of Ksh320 million. “The building is an icon that signifies a sense of hope and bright future of the Sacco.”
With 26 branches interconnected with a robust online core banking system spread in eight counties, Mr Ngugi said the Sacco’s theme in 2023 is Business Transformation Through Digitization and Innovation. “We leverage technology making services accessibility to members faster, cheaper and convenient. 60% of our members’ access services seamlessly through mobile banking, internet banking, Sacco agents and Visa-branded ATM cards,” he said.
Mr. Ngugi said most of their members are business people in jua kali, small and medium enterprises and farmers. “The Sacco has a wide range of credit facilities which are specially tailored to suit the needs and status of all.”
He noted that Tower Sacco has greatly impacted members’ lives by giving them affordable loans for home ownership, acquisition of movable and immovable assets, agriculture, education, business working capital, groups/chama investments, and women and youth empowerment.
“The Sacco has partnered with Kenya Mortgage Refinancing Company enabling members to access homeownership loans at a single digit and collaborated with Micro Enterprises Support Program Trust (MESPT) and Women Enterprise Fund (WEF),” said Mr. Ngugi.
In addition, the chairman said that Sacco has an education scholarship program to support needy students as part of its Corporate Social Responsibility. Twenty-three students are under the program currently. Tower has also been participating in tree-planting programs across the country.
“The only thing that can make people achieve financial freedom is saving. Let’s heed the President’s call of embracing the saving culture. I call upon those who are not Sacco members to join Tower Sacco today,” said Mr. Ngugi.
