Tower SACCO is ranked among the best SACCO in Kenya, with over 206,065 members and 26 branches across the country as of 3rd May 2023. The SACCO is licensed by The SACCO Societies Regulatory Authority (SASRA) as a deposit-taking society.
Tower SACCO’s origin dates back to 15th September 1976, when it was registered as Nyandarua Teachers Savings and Credit Corporative Society. The SACCO was formed as a platform for growing teachers financially through savings and credit services. Initially, the SACCO’s entrance fee was Ksh 20.
According to Peter Ngugi, Tower Sacco board chair, the first loan was granted to the 25th SACCO member in 1977. The loan amounted to Ksh 15,000; a hefty amount compared to what teachers earned then.
By 1977, the society had grown to 125 members with a share capital of Ksh 90 000. Although the SACCO was initially started for teachers, it opened its doors to people from all sectors of the economy in 2011.
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Currently, Tower SACCO has an outstanding loan portfolio of Ksh 16.1 billion and member deposits of Ksh 15.6 billion. Tower SACCO has a current asset base of Ksh 20 billion, according to Patrick Njenga, the CEO.
The SACCO has been paying dividends to its members every year since 1980. The 2022 dividends on shares amounted to Ksh 287 million at 20%, while the non-withdrawable deposits amounted to about Ksh 1.4 billion at 13%.
To join the SACCO, the requirements are Ksh 500 and one’s identity card, after which one fills out a membership application form. From there, members can start saving. After three months, they can access loans based on their savings.
David Mburu, a former teacher who is a member of Tower Sacco, has benefitted massively from the cooperative society. Not only has he bought land and educated his children, but he also says the sacco bought him a tractor after retirement. He currently hires out the tractor to farmers, a source of income for him.
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Peter Kamau Njoroge, a headteacher at Nyandundo primary school, has also enjoyed the fruits of Tower Sacco. He joined the SACCO in 2010 from a desire to grow financially. He could not have actualized his dreams with the small salary he was earning at the time.
He says he joined the SACCO while still at university. As he was engaged in a parallel program, the SACCO assisted him in completing his university education.
The SACCO also helped him purchase two and a half acres of land at Ksh 3Million. Immediately after that, he constructed a modern house on the land and bought a vehicle courtesy of the SACCO. Currently, he is engaged in a dairy farming project with ten dairy cows producing at least 140 litres of milk daily.
He says the SACCO has set him financially free, as he has gained financial freedom and does not struggle much in life. His investment projects have also become a source of employment for other people.
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Tower SACCO offers back-office services known as BOSA, which include shared deposits and credit facilities. It also offers front office services, Fosa, similar to those offered by banks.
Under BOSA, members can access loan products such as normal loan, emergency loan, school fees loan, mortgage loan, and Vuka loan, which is exclusive to salaried members.
They have also partnered with insurance firms to offer insurance services to members. They offer motor vehicle insurance, personal accident coverage, domestic cover, life and disability cover, and travel insurance.
The products under FOSA include salary advance, Premium loans, Makao Bora, Kilimo advance, and Boresha mama, offered in partnership with the women’s credits fund. According to Anne Karanja, head of Credit in Tower Sacco, the fund empowers women to establish and expand their businesses.
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The SACCO can be accessed via digital platforms. According to Geoffrey Ngugi, head of the SACCO ICT department, the SACCO offers internet banking, agency banking, mobile banking, ATM services, a USSD code of *655#, and a mobile app.
The SACCO has 600 diaspora members, who are engaged through regular virtual meetings with the SACCO. They can access services such as mortgage finance, asset finance, Makao bora, and other products designed for diaspora members.
Tower SACCO’s branches are spread over eight counties, including Nairobi, Kiambu, Narok, Samburu, Laikipia, Nyandarua, Kilifi, and Nyandarua.
Tower SACCO describes itself as ‘a basket for all your financial needs’. Its future includes the expansion of branch networks and digitization of all processes.
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Peter Kamau Njoroge, a headteacher at Nyandundo primary school, has also enjoyed the fruits of Tower Sacco. He joined the SACCO in 2010 from a desire to grow financially. He could not have actualized his dreams with the small salary he was earning at the time.
He says he joined the SACCO while still at university. As he was engaged in a parallel program, the SACCO assisted him in completing his university education.
The SACCO also helped him purchase two and a half acres of land at Ksh 3Million. Immediately after that, he constructed a modern house on the land and bought a vehicle courtesy of the SACCO. Currently, he is engaged in a dairy farming project with ten dairy cows producing at least 140 litres of milk daily.
He says the SACCO has set him financially free, as he has gained financial freedom and does not struggle much in life. His investment projects have also become a source of employment for other people.
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Tower SACCO offers back-office services known as BOSA, which include shared deposits and credit facilities. It also offers front office services, Fosa, similar to those offered by banks.
Under BOSA, members can access loan products such as normal loan, emergency loan, school fees loan, mortgage loan, and Vuka loan, which is exclusive to salaried members.
They have also partnered with insurance firms to offer insurance services to members. They offer motor vehicle insurance, personal accident coverage, domestic cover, life and disability cover, and travel insurance.
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The products under FOSA include salary advance, Premium loans, Makao Bora, Kilimo advance, and Boresha mama, offered in partnership with the women’s credits fund. According to Anne Karanja, head of Credit in Tower Sacco, the fund empowers women to establish and expand their businesses.
The SACCO can be accessed via digital platforms. According to Geoffrey Ngugi, head of the SACCO ICT department, the SACCO offers internet banking, agency banking, mobile banking, ATM services, a USSD code of *655#, and a mobile app.
The SACCO has 600 diaspora members, who are engaged through regular virtual meetings with the SACCO. They can access services such as mortgage finance, asset finance, Makao bora, and other products designed for diaspora members.
Tower SACCO’s branches are spread over eight counties, including Nairobi, Kiambu, Narok, Samburu, Laikipia, Nyandarua, Kilifi, and Nyandarua.
Tower SACCO describes itself as ‘a basket for all your financial needs’. Its future includes the expansion of branch networks and digitization of all processes.