After serving employees of Masinde Muliro University of Science and Technology (MMUST) for two decades, Wevarsity Sacco Society Limited has finally opened its doors to the public, allowing anyone interested in saving and accessing financial services to become a member.
The move is to ensure the cooperative society remains afloat as compared to other Saccos affiliated to universities and colleges that have gone under.
According to the SACCO Societies Regulatory Authority (SASRA) Annual Supervision report 2023 released last month, the universities and colleges have not remitted their Sh957.07 million to Saccos, which translates to 37 per cent.
“We believe that everyone should have access to reliable financial services,” said Chrisantus Nakitare, the Chairperson of Wevarsity Sacco. “By opening our membership to the public, we aim to support individuals and families in achieving their financial goals, whether it’s saving for education, starting a business, or planning for future investments.”
Speaking during Wevarsity Sacco Akiba Derby finals held at Mmust, Mr Nakitare asked members of the public from all walks of life to consider joining the Sacco. “Joining Wevarsity Sacco means being part of a trusted institution committed to supporting your financial aspirations. Together, we can build a prosperous future.” The tournament was used to open up the Sacco to the public.
Mr Nakitare said the Saccos assets base has expanded by half a billion shillings with its members growing to 2000 members, adding that as per their five year strategic plan 2023 – 2027, they envisage to have at least 5,000 members with an asset base of more than a billion shillings.
The cooperative society that is celebrating two decades of existence since its establishment, currently boasts of a loan portfolio of over Sh426 million.
“We have also made substantial advancements in our human resource capabilities and invested in cutting-edge technologies to facilitate swift and cashless transactions. Our services are 100 percent online. The M-banking system is on 24/7 and even on our Mobile App, one can deposit cash, check statements and pay loans without making a trip to Sacco,” said Nakitare
While echoing the chairman’s sentiments, Mr Dalmas Wala, the current Acting Chief Executive
Officer, said that the innovations are part of the ongoing commitment to enhancing the efficiency and accessibility of the Saccos financial services.
On launching the new Pikipiki Loan product, Mr Wala emphasized that the initiative reflects “our commitment to inclusivity, allowing more individuals to benefit from the financial services we offer and to join a community built on mutual support and growth,”
“This innovative loan product is designed to support individuals looking to invest in the motorcycl business, which has become a vital means of transportation in our region. We believe that by offering this loan, we will not only help individuals become entrepreneurs but also contribute to the economic development of our community and also enable the riders to own their own motorcycles,” said Mr Wala
For one to qualify for the Piki piki loan, one has to save at least Sh25, 000 and repay it in 2 years.
Prof. Solomon Shibairo, the Mmust Vice Chancellor, who was the Chief Guest, encouraged the university staff and the public to come and save with Wevarsity SACCO and access affordable credit, including the Pikipiki loan.
“I urge our university staff and the public to take advantage of Wevarsity Saccos services. Saving with us not only secures your future but also opens doors to affordable credit, especially for essential assets like motorcycles,” said Prof Shibairo
He went on: “Access to affordable credit can transform lives. By saving with Wevarsity Sacco, you can easily finance your motorcycle loan at a lower interest rate compared to other firms.
“Together, let’s build a financially empowered community. By saving and utilizing the Sacco’s affordable credit options, we can all achieve our goals and improve our livelihoods,
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