Shofco Sacco Limited, a leading community-based savings and credit cooperative in Kenya, inaugurated its fifth branch in Kakamega County on Friday, May 16, 2023.
Speaking during the launch, the Sacco Chairman Dr. Kennedy Odede said the expansion marked a significant milestone in the lender’s mission to provide accessible financial services to underserved communities across the country.
“This expansion is not just about increasing our footprint; it’s about creating lasting impact in communities that need it the most.
“We envision a future where every Kenyan, regardless of their location, has access to financial services that empower them to achieve their life goals,” Dr. Odede said.
The chairman revealed that the Sacco has over 5000 members in Kakamega who have deposited more than Ksh22 million.
“The uptake of loans in this county has risen to Ksh28 million in the past few months. Now that we have opened an office here, I’m sure more members will join the Sacco and make their visions come through because Shofco Sacco is there to support them,” he said.
The opening of the Kakamega branch is part of Shofco Sacco’s strategic plan to extend its services beyond urban slums into rural areas.
With existing branches in Kibera, Mathare, Mukuru kwa Njenga, Kawangware, and Mombasa’s Bangladesh area, the Sacco aims to reach more individuals who have limited access to traditional banking services.
General Manager Victor Owiti emphasized the importance of this expansion.
“Opening our fifth branch in Kakamega is a testament to our commitment to financial inclusion. We are excited to bring our services closer to the people of Western Kenya, enabling them to access affordable credit and savings opportunities,” Mr. Owiti said.
Shofco Sacco has demonstrated impressive financial growth, with assets increasing by 70% to Ksh 662.8 million in 2024.
The loan portfolio expanded by 89% to Ksh 514.8 million, reflecting the Sacco’s effective outreach and service delivery.
Member deposits also grew by 62% to Ksh 362.8 million, underscoring the trust members place in the institution.
The Sacco’s commitment to empowering women is evident, with 86% of its members being women.
Dr. Odede noted: “Women are transformative leaders, and we prioritize them during loan disbursement. This focus aligns with Shofco Sacco’s broader mission to support individuals at the bottom of the economic pyramid, including informal sector workers and small-scale entrepreneurs.”
Dr. Odede said with the Kakamega branch now operational, Shofco Sacco is poised to make a significant difference in the financial well-being of individuals in Western Kenya, contributing to the broader goal of financial inclusion across the nation.
Veronicah Wesonga, a Shofco Sacco member, expressed her gratitude saying the lender has transformed her life.
“After saving for six months, I was able to access a loan that helped me restock my grocery shop and pay my children’s school fees. Now, I am planning to purchase land and build a house. Shofco Sacco has truly transformed my life,” she said.
Mr. Owiti said as Shofco Sacco continues to expand its reach, it remains dedicated to leveraging technology to enhance service delivery.
The introduction of digital platforms has enabled members like Veronicah to access services remotely, facilitating real-time transactions and broadening the Sacco’s impact.
