BINGWA Sacco Opens 19th Branch in Kitengela Town
Kitengela Town residents will benefit from additional Sacco services after Bingwa Sacco Ltd opened its 19th Branch in the town today.
The Ceremony pre Presided over by its Chief Executive officer Jane Mugo will see the fast rising Sacco offer its services to residents of Kitengela Town and Kajiado County as a whole.
“Kajiado county will become the 4th county to benefit from our improved services as we launch this fully automated branch in the region as we saw the need for Sacco services in the town and we would like to encourage all residents of Kitengela to invest with us” Mugo said.
Mugo told of the desire to offer savings services to the town far beyond Kirinyaga County where the Sacco began 34 years ago.
“We established the Sacco in 1984 in Kirinyaga and back then it was known as Kirinyaga Tea Growers Sacco but then as we progressed we saw the need to change its name so that all Kenyans can be accommodated in the Sacco even those that do not grow Tea and since then we have never looked back” Mugo said.
Mugo added that they expect exponential growth and good profit margins in the years to come as she projects close to 400 million shillings in profits come the end of the year.
“last year we made a profit of 206 million shillings and this is a strong indicator of high growth and confidence to open more branches” Mugo said.
She added that apart from the normal Sacco Services that they the company is building on offering Insurance Agency service that will include the Bingwa Prestige service in addition to opening up an investment wing that will deal with individual investment such as buying land and construction of homes.
The CEO boasted of an Asset base of 5.1Billion with Ksh 3 billion in Deposits and shares and they have given out a total of 15 billion shillings in loans since its inception in 1984.
The Branch located just at the center of the CBD in Kitengela is the newest entrant in the financial services sector to make entry into the Town.
Story By Julius Musungu