The chairman of the Kitui Teachers Savings and Credit Society Limited (KTS), Reverend Augustus Munuve, has warned members against joining financial institutions promising heaven.
Munuve noted that Saccos are built on common interests to attain maximum members’ benefits.
“Many financial institutions are coming to our region and for this reason we urge our customers to keenly interrogate the information given to avoid making wrong and costly financial decisions,” Munuve said.
He cautioned members against taking loans without any investment plans. “Research has shown that some 90 per cent of the members borrow before planning, and use the loan on unnecessary projects and items and then afterwards struggle for years repaying the loan they never benefited from,” Munuve said.
He noted that KTS’s growth remains on upward growth and appreciated members for remaining loyal by regularly patronizing its products and services.
“At personal level, the members can confidently say the Sacco has supported them fully to achieve growth and transformation in various ways. Many have bought property, built good homes, improved farming or businesses and even paid schools fees,” he said.
“Compared to other investments, savings in the Kitui Teachers Savings and Credit Cooperative Society are guaranteed of high annual return, while members qualify to access affordable loans to implement their development projects,” added Mr Munuve. He was addressing members during their annual education and training programme recently.
The Society’s Deputy Chief Executive Officer Cyrus Mutinda said their members are regularly equipped with knowledge and skills that will change their social and economic status in the future.
“A loan is a source of capital, one should have multiple sources of income. This Sacco has given all of you an opportunity to grow yourselves,” said Daniel Githinji, a facilitator.
