NEW ROLE

Metropolitan Sacco appoints Benson Mwangi to lead restructuring

In Summary

• The sacco recently picked Co-op Bank to help it restructure  the Sacco’s funding requirements and better manage members’ monthly loan demands as well as the overall liquidity flows

President Uhuru Kenyatta signs the Visitor’s Book at the recent World Co-operatives Day ‘Ushirika Day’ Celebrations held at KICC Nairobi flanked by CEO Co-operative Bank Gideon Muriuki, PS State Dept. for Co-operatives Ali Noor Ismail and the Cabinet Secretary for Industrialisation Peter Munya.
President Uhuru Kenyatta signs the Visitor’s Book at the recent World Co-operatives Day ‘Ushirika Day’ Celebrations held at KICC Nairobi flanked by CEO Co-operative Bank Gideon Muriuki, PS State Dept. for Co-operatives Ali Noor Ismail and the Cabinet Secretary for Industrialisation Peter Munya President Uhuru Kenyatta signs the Visitor’s Book at the recent World Co-operatives Day ‘Ushirika Day’ Celebrations held at KICC Nairobi flanked by CEO Co-operative Bank Gideon Muriuki, PS State Dept. for Co-operatives Ali Noor Ismail and the Cabinet Secretary for Industrialisation Peter Munya.
Image: COURTESY

Metropolitan National Sacco has appointed Benson Mwangi as the chief executive officer to replace Francis Ng’ang’a who has served for 30 years.

The Sacco’s board said it is confident that Mwangi’s expertise will be key in executing the restructuring and driving key business strategies to revitalise and steer the Sacco to new heights.

According to the board’s chairperson Christopher Karanja, Mwangi is an accomplished and highly experienced in financial and Sacco management and that they count on him to inspire positive change at Metropolitan.

‘’His deep expertise and solid track record will be critical as he drives the comprehensive transformation program that the Sacco is presently undertaking,’’ Karanja said.

The Sacco recently signed partnership with Co-operative Bank of Kenya aimed at restructuring the Sacco’s funding requirements to better manage members’ monthly loan demands as well as the overall liquidity flows.

The Sacco sought Coop Bank’s corporate guidance  after being hit by financial constrain caused by high non performing loan.

Early this month, Metropolitan National Sacco Supervisory Committee chairman Joseph Gachunga told teachers during the annual general meeting that it was experiencing financial difficulties caused by non-performing loans amounting to Sh1.2 billion.

Metropolitan National Sacco, formerly Kiambu is one of the largest Saccos in the over 15-million-member co-operative movement and has a membership of over 100,000, a total assets base of Sh13.6 billion and runs 8 branches spread across the country.

The board also appointed Cyrus Kariamwere as the deputy chief executive officer and head of business development, a role formerly held by Mwangi.