Northern Rangelands Savings and Credit Cooperative (NR SACCO) held its Annual Delegate Meeting (ADM) at Kalama Conservancy in Samburu County on Thursday 28th April 2022. Among those in attendance were Said Roba, Isiolo County Auditor, and Ture Boru, Chief Economic Programs Officer, NRT Trading.
During the meeting, members were updated about the SACCOS’s growth since its inception in 2016; and were very excited because of the tremendous growth. According to Ture Boru, Chief Economic Programs officer of NRT Trading, despite COVID-19 challenges, NR SACCO has continued to provide business capital to communities, unlike most financial institutions that suppressed lending to businesses in 2020. Through this support, the SACCO has seen tremendous growth from 300 members in 2016 to the current 5400.
“The Sacco strides to see a change in the narrative around local communities by helping them achieve a productive, self-reliant future through income diversification and growth in remote regions. The total loans disbursed to finance 3,060 enterprises since 2016 stand at KSh. 103.8 million (USD 1 million) by the close of 2020, while the savings and shares mobilized were KSh. 10.8 million (USD 10,000).” Noted Ture Boru.
Out of the 80 registered SACCOS in Isiolo County, the NR SACCO has been recognized as the leading SACCO in savings in 2021, with a closing savings of Kshs 167.8 Million in assets and cash from the Kshs.119M in 2020, making it a 41% growth.
“Congratulations Northern Rangelands SACCO, you are the leading SACCO in Isiolo County according to our records. We are glad that you have impressive growth and member savings as compared to the 80 registered SACCOs in Isiolo County. I would like to encourage the SACCO members to take advantage and get development loans, as well as new ones to join. ” Said Roba, Isiolo County Auditor.
During the ADM meeting, there was an election of new board members; the newly elected board chair is Michelina Leparmosijo, and the secretary is Salma Lekomet. There was also awarding of the best members in savings and loan repayments.
Further, the SACCO introduced a new product known as the Hakiba Dharura account to safeguard members’ emergencies rather than withdrawing their savings and closing the account, a product that was well received by the members; another milestone for NR SACCO.
Founded in 2016 by the NRT Trading under the Biashara Mashinani program, the Northern Rangelands Savings and Credit Cooperative (NR SACCO) act as a financial intermediary, particularly for youth and women in Northern Kenya to be able to access small business loans and other financial services. NR SACCO is an independent, community-owned, and membership-driven organization, which receives critical oversight, technical support, and training from NRT Trading.
For more information about NR SACCO, you can visit your conservancy manager or NRT Trading offices at LEWA Wildlife Conservancy.