Monday, December 23, 2024

Tai Sacco: History, Membership, and Services

By Benson Bundi

Tai Sacco: History, Membership, and Services - Bizna Kenya (Picture Courtesy)

Isaac Ongoro, a Kenyan Chef who works in Maryland, USA, is currently in the finishing phase of his two rental bungalows located in Kitengela.

He hails the completion of his project to a loan of Ksh 6.3 million he borrowed from Tai SACCO in 2022. He says he has realized numerous benefits from the SACCO, including seamless communication with the SACCO management when he is abroad.

“We communicate via WhatsApp, email, zoom, and phone calls, among other ways. Further, I can make deposits and withdrawals to my SACCO account from anywhere in the world without any hassle. Tai SACCO is unlike some major financial institutions whose members struggle to access”

he says.

Co-Op center

He says he joined Tai SACCO in 2021 after seeing several of their advertisements. He was immediately assigned a relationship manager to guide him through his financial journey with the SACCO.

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Mathew Ng’ang’a, a member of the SACCO who lives in Dubai, says he joined the SACCO three years ago. He tells a similar story of success in his projects from the SACCO.

NCBA

Recently, the SACCO – established in 1992 – celebrated 30 years of transforming lives. With its headquarters in Githunguri, Kiambu county, the SACCO boasts over 90,000 members, 200 of whom are in the diaspora.

Tai SACCO has 11 branches in Kenya and an asset base of over Ksh 4 billion, according to John Mwangi, the SACCOs CEO.

The SACCOSACCO was initially registered as an institution dedicated to serving tea farmers in Kiambu. However, Tai Sacco’s boundaries were later opened to accommodate other members of the economy, including salaried members and those in the business community.

Co-Op post

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The SACCO was among the first to offer seamless services to members in the diaspora, most of whom hail from the UAE, USA, and Europe.

These diaspora members enjoy similar benefits to local members, such as borrowing, investment opportunities, and identification of assets through the SACCOs sister company, Tai housing.

According to the CEO, Tai SACCO has designated staff members who handle issues with diaspora clients.

The staff members are responsible for connecting diaspora clients with a contact person to follow up with them concerning SACCO transactions.

Further, the SACCO management holds virtual meetings with diaspora members to hear their views about what they would like done better or services they would like to be introduced.

For eligibility, diaspora members must have a renewed passport, after which they can access the application form on the SACCO website. Once they fill out the application form, they can forward it and become members.

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Members are expected to make either daily, weekly, or monthly contributions as SACCO savings. The CEO adds that members can easily view their transactional statements in their respective countries’ comfort.

Tai SACCO also provides members insurance services for children’s education, vehicles, livestock, crops, and other property. Additionally, the SACCO provides pensions to its members.

The SACCO also offers mobile banking and ATM services, which the manager says can be accessed via any visa-branded ATM from any country abroad.

They also have a Tai SACCO app, where members can access loan limits, deposits, and other services. The SACCO leadership promises members a wider future aligned with its vision of transforming lives.

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