Shofco Sacco opens branch in Kakamega, eyes underserved population

Community-based savings and credit cooperative, Shofco Sacco Limited at the weekend unveiled its fifth branch in Kakamega, as it targets the underserved traders and locals.  

Speaking during the launch on Friday, the Sacco chairman Kennedy Odede said the expansion marked a significant milestone in the lender’s mission to provide accessible financial services across the country.

“This expansion is not just about increasing our footprint, it is about creating lasting impact in communities that need it the most. We envision a future where every Kenyan, regardless of their location, has access to financial services that empower,” Dr Odede said.

Already, the Sacco has more than 5,000 members in Kakamega who have deposited more than Sh22 million.

“The uptake of loans in this county has risen to Sh28 million in the past few months. Now that we have opened an office here, I’m sure more members will join,” he said.

The opening of the Kakamega branch is part of the Sacco's strategic plan to extend its services beyond urban slums into rural areas. With branches in Kibera, Mathare, Mukuru kwa Njenga, Kawangware and Mombasa's Bangladesh area, the ="https://www.standardmedia.co.ke/business/business/article/2001514222/shofco-sacco-assets-cross-the-sh500m-mark">target is to reach more individuals< who have limited access to traditional banking services.

General Manager Victor Owiti welcomed the expansion.

 “Opening our fifth branch in Kakamega is a testament to our commitment to financial inclusion. We are excited to bring our services closer to the people of Western Kenya, enabling them to access affordable credit and savings opportunities,” Mr Owiti said.

Shofco Sacco’s assets have increased by 70 per cent to Sh662.8 million in 2024. The loan portfolio expanded by 89 per cent to Sh514.8 million, reflecting the sacco's effective outreach and service delivery. Member deposits also grew by 62 per cent to Sh362.8 million.

Dr Odede said: “Women are transformative leaders, and we prioritise them during loan disbursement. This focus aligns with Shofco sacco's broader mission to support individuals at the bottom of the economic pyramid, including informal sector workers and small-scale entrepreneurs.” Eighty-six per cent of its members are women.

The chairman said that with the Kakamega branch now operational, Shofco Sacco is poised to make a significant difference in the financial well-being of individuals in Western Kenya, contributing to the broader goal of financial inclusion across the nation.

Veronicah Wesonga, a member, said the lender had transformed her life. “After saving for six months, I got a loan that helped me restock my grocery shop and pay my children's school fees. Now, I am planning to purchase land and build a house. Shofco Sacco has transformed my life,” she said.

Mr Owiti said that as the sacco continues to expand its reach, it is dedicated to ="https://www.standardmedia.co.ke/counties/article/2001504367/saccos-lauded-as-frontiers-to-poverty-reduction">leveraging technology< to enhance service delivery. He explained that the introduction of digital platforms has enabled members to access services remotely, facilitating real-time transactions and broadening its impact.