Tower DT Sacco has spread its wings to Nyeri town, joining the growing number of financial institutions setting up operations there. The Sacco has opened a new branch as part of its strategy to extend its national outreach. With over 25 branches across eight counties, Tower Sacco is committed to serving unbanked populations in regions like Samburu.
Last year, the Sacco’s Board of Directors announced plans to launch three additional branches in Nyeri, Thika Makongeni, and Mau-Narok Mwisho wa Lami towns. This expansion has paralleled significant membership growth, as Tower Sacco has seen a 15% increase in members in just eight months of 2024, bringing the total to 249,511. The Sacco aims to exceed 346,000 members by the end of 2025.
“We are dedicated to bringing services closer to our members. We encourage them to adopt a culture of saving to enhance their socioeconomic well-being. Consistent saving habits are key to achieving financial independence,” stated Mr. Peter Ngugi, the Sacco Chairman. In line with this, Tower Sacco has rolled out new savings products, such as the Holiday account, and eliminated ledger fees for accounts.
Embracing technology has been another focal point for the Sacco, allowing members to access smooth financial services through various digital platforms, which has significantly reduced congestion in physical branches. Currently, over 70% of Sacco transactions are processed digitally, via mobile banking, agency banking, ATMs, and Internet banking. The management has also improved cybersecurity by investing in advanced security systems.
Beyond financial services, Tower Sacco is focused on enhancing the overall welfare of its members. The organization has partnered with strategic entities to provide green energy solutions through affordable financing, helping members combat rising energy costs. Additionally, the Sacco is involved in environmental conservation initiatives, including tree-planting campaigns.
“Prioritizing our members’ welfare is crucial to us. Through Tower Tech Insurance Agency, we offer our members affordable health insurance plans,” said CPA Patrick Njenga, the Sacco CEO.
