This archive report was first published on 7 July 2021.
July 7, 2021 - Trans-Nation (TN) Sacco has made a significant move by opening new satellite offices in Marsabit and Moyale, despite the challenges posed by the Covid-19 pandemic.
The Sacco's interim board chairman, Edwin Kaburu Thuura, attributed the decision to quickly formulate strategies to navigate the pandemic as a key factor in cushioning members and facilitating growth.
Thuura noted that the offices are performing well and that the Sacco intends to venture into other areas after conducting a feasibility study.
During the Annual General Meeting, Thuura highlighted the Sacco's strong growth since its inception 28 years ago, with a membership base of 26,992.
Notably, the Sacco received an additional 5,877 new members during the review period of 2019-2020, increasing the total membership base.
Thuura also announced that the Sacco has reviewed its loan products to support members, including increasing the repayment period for self-guaranteed loans to 84 months and reducing the Murabaha product cost from 7% to 3.5%.
Furthermore, the Sacco has formulated a facility to assist members who may face difficulties after the lifting of Covid-19 tax relief, through an enhanced stabilizer loan.
Additionally, all savings deposits via pay bill numbers have been zero-rated starting January to support members.
