Shofco Sacco Limited has opened its
fifth branch in Kakamega County, marking the cooperative’s continued expansion
into new regions.
During the launch on Friday, May 16,
2023, Sacco Chairman Dr. Kennedy Odede said the new office aims to improve
access to financial services in underserved areas.
“We want to reach communities that
have limited access to financial services,” Dr. Odede said.
According to Odede, the Sacco has
more than 5,000 members in Kakamega with deposits exceeding Ksh22 million. Loan
uptake in the county has reached Ksh28 million in recent months.
The Kakamega branch is part of Shofco Sacco’s broader plan to expand beyond urban settlements into rural areas.
Other branches are located in
Kibera, Mathare, Mukuru kwa Njenga, Kawangware, and Mombasa's Bangladesh area.
General Manager Victor Owiti said
the expansion would make it easier for residents in Western Kenya to access
credit and savings products.
“We want to bring our services
closer to more people,” Mr. Owiti said.
Shofco Sacco reported a 70% growth in
assets to Sh662.8 million in 2024.
Its loan portfolio rose by 89% to
Ksh514.8 million, while member deposits grew by 62% to Sh362.8 million.
According to Sacco, 86% of its
members are women.
Dr. Odede said women are a priority during
loan disbursement, noting they make up a significant portion of borrowers.
With the new Kakamega branch, the
Sacco plans to increase its presence in the region and extend services to more
members.
One member, Veronicah Wesonga, said
she was able to secure a loan after six months of saving, which she used to
restock her grocery shop and pay school fees.
“Now, I am planning to purchase land
and build a house,” she said.
Owiti said the Sacco is also
investing in digital platforms to improve service delivery and allow members to
carry out transactions remotely.
