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Sacco started by 10 teachers grows to be worth billion

For four decades Boresha Sacco has been helping to transform the lives of the Baringo County residents by offering loans and other financial services.

The sacco has withstood the test of turbulent financial times that has seen a number of societies split or collapse altogether, growing to become one of the biggest indigenous financial institutions in the county and its environs.

The sacco’s headquarters is at the imposing multi-million Teachers Plaza in Eldama Ravine town in Koibatek Sub county. The plaza, which is part of the society's asset base which stands at Sh7.4 billion, is a testimony to the sacco’s rock solid foundation and determination to scale great heights of success.

The sacco also owns another building at Kabarnet town.

“The two assets are worth about Sh300 million and they are some of our source of income as we have rented out office space,” says Boresha head of marketing, Philemon Chebii.

The sacco plans to put up another office block in Marigat town to serve the lower region of Baringo County.

The tier one sacco, as per saccos societies Regulatory Authority (SASRA) classification, has since expanded its wings to counties of Uasin Gishu, Nakuru, Nandi, Laikipia and Elgeyo-Marakwet.

But how was the sacco born?

It was registered on August 31, 1976 by a group of 10 teachers led by the late Nicholas Kangongo. The goal was to set up a sacco as part of efforts to fight poverty and improve teachers’ livelihoods.

“The 10 teachers were united and laid a sound financial stone that has transformed millions of Kenyans who are reaping from their idea,”Mr Chebii tells Enterprise.

“The founders started the sacco from a humble beginning and that is why it has a rich history that each member should know to understand the sacco’s spirit of saving regularly, borrowing wisely and repaying promptly.”

The society then known as Baringo Teachers Savings and Credit Society began operations with a capital of Sh60,000 and one staff member.

As the sacco became the preferred financial provider due to its services that rode on quality, integrity, professionalism, innovation and good customer service, the society attracted more members from the neighbouring counties.

It rebranded from Baringo Teachers Sacco Society Limited in 2012 to Boresha Sacco. This move saw the sacco cast its net wider to attract members and partners nationally and internationally who hitherto could not be served due to its initial name and geographical location.

Boresha then thrived because banks had shunned the region and most residents in rural Baringo did not own a bank account.

“The pastoralists community from far flung areas like East Pokot, Nginyang and Kapedo never had banking services closer to them and were travelling up to Nakuru or Eldoret for a simple cheque clearance,” says a member at Kabarnet Boresha offices.

Mr Chebii says the sacco won the confidence of pastoralists, teachers, matatu operators among others who entrusted the society with their money.

“Due to transparency, good governance and accountability which guaranteed the residents safety of their savings, the confidence in the sacco grew tremendously,” adds Mr Chebii.

The sacco now has a customer base of 108,196 and still counting.

Source: Business Daily: https://bit.ly/2XZPzSW

ISO 9001

KUSCCO QUALITY POLICY

We commit to consistently promote SACCOs through advocacy and provision of quality technical and financial products that exceed the members’ expectations.
We shall comply with the statutory requirements and actively pursue continuous improvement of the ISO 9001:2015 Quality Management System (QMS) processes, capabilities and effectiveness.
In pursuit of our commitment we shall ensure that the quality policy and objectives that have been established and communicated to the Union employees shall be reviewed annually in accordance with the stipulated framework and quality standards.”