Grapevine

Mwalimu Sacco eyes asset base of over Sh100 billion in two years

In the run-up to its 50th-anniversary celebrations, Mwalimu National Sacco says it is projecting to increase its asset base from Sh66.4 billion to Sh100 billion by 2026, representing a three per cent upward growth.

“We are looking to rejig our model, because if we remain static in the previous model of how saccos run business, achieving or projection would be difficult,” Mwalimu National Sacco chief executive Kenneth Odhiambo said.

The Sacco noted that it was restructuring its loan book to address non-performing loans which are above the five per cent regulatory threshold, as a result of government taxes that have impacted members‘ loan repayment.

“Our non-performing loans are around 8.6 per cent of our total loan portfolio. We have about three per cent to cover by December this year to bring that down,” Mr Odhiambo said.