FASTER AND EFFICIENT

Include saccos in cash transfer for the elderly for easy access, state told

Transnational Sacco chairman says elderly are forced to travel long distances and queue for services

In Summary

• Mutegi says government capitation for free primary education can also be channeled through the sacco because it has many teachers.

• He suggested the government postpones raising tax for withholding, dividend and interest from the current five per cent to 10 per cent.

Transnational CEO Lancheum Mugambi greets Trade CS Peter Munya during the opening of the sacco's 13th branch at Mikinduri in Tigania East on Saturday April, 13, 2019
EYING BIG DEALS: Transnational CEO Lancheum Mugambi greets Trade CS Peter Munya during the opening of the sacco's 13th branch at Mikinduri in Tigania East on Saturday April, 13, 2019
Image: DENNIS DIBONDO

Transnational Sacco chairman Bedford Mutegi has urged the government to include saccos in the cash transfer for the elderly for easy access.

“I commend the government initiative to help the elderly but during the payout day, the elderly are forced to travel long distances and queue all day to receive cash. This is a cumbersome and time wasting procedure that can be eliminated if saccos are included in the disbursement process," Mutegi said.

He said his sacco has the capability to match other financial entities because of its 13 branches across Mount Kenya East and Ukambani regions.

He said government capitation for free primary education can also be channeled through the sacco because it has many teachers.

He suggested the government postpones raising tax for withholding, dividend and interest from the current five per cent to 10 per cent.

Transnational Sacco was formed in 1993 after members split from then Meru Teachers Sacco Society Limited to form Tharaka Nithi Teachers Sacco.

It was started by 2,644 members with share capital and deposit of Sh44 million. It has grown to a membership of 19,000 with an asset base of Sh4.5 Billion. About Sh3.58 billion has been given out to members in loan advancements.

“We were one of the first sacco to computerise our operations and during the last Ushirika Day celebrations, we were the most improved employer-based sacco tier two, second in credit management and third best managed countrywide," Mutegi said.