By Justina Chomba
Boresha Sacco has lauded its retirees for retaining patronage and loyalty to the society’s products and services even after exiting active service.
Speaking in Nakuru during an event where it feted its retiring members, Sacco CEO Jacob Mengich lauded the senior members for their loyalty.
“Your decision to remain with the Sacco after retirement is a wise one as you will now be able to access numerous Sacco services such as savings, loans and dividends hence secure your livelihoods in your unproductive years,” said Mengich.
Mengich stated that retirees who channeled their pension through the Sacco and continued their contributions through standing orders would enjoy all the benefits of membership such as access to loans and welfare scheme benefits among other privileges.
He reiterated the need to adequately plan for retirement early in life because whereas the current mandatory retirement age was 60 years, most members were caught unprepared. He called on members to start planning early enough avoid regrets when old age comes knockng.
The CEO urged the retirees along with the entire membership to upscale on their equity shares in order to enhance the Sacco’s capital base which would allow it to boost its infrastructural development.
Boresha Sacco owns two buildings namely Teachers Plaza in Eldama Ravine which also houses its headquarters and Mwalimu Plaza in Kabarnet. A similar investment in Marigat town in Baringo South is on the cards.
The CEO also urged members with some income outside their formal employment to remit it through the society in order to access loans or boost their capital and earn enhanced dividends.
“Members with income from farming, business, rent or any other source should channel their money through the Sacco to be appraised and given loans based on their enhanced cash flow,” said Mengich.
He said the Sacco’s asset base growth was inching closer to its Strategic Plan 2021-2025 target of Ksh13 billion having recorded an 11 per cent increase from Ksh8.9 billion in 2021 to Ksh9.9 billion last year.
“Boresha will continue offering an array of member-centric products and services that meet their needs in order to grow the asset base,” he said.
Speaking during the same event, Royal Lead Director Mr. Joel Kobia asserted that retirees should prepare themselves psychologically before retirement if they were to manage their finances and future well.
“Retired members find it difficult to cope with their lives after failing to save or utilize their finances leading them to develop entitlement and dependency on their children. Sometimes lack of attention or support from dependents leads to depression and eventually, suicide,” reiterated Kobia who was also the Chief Guest.
The Life Coach urged the seniors to desist from placing high expectations in life as a mechanism to cope with stress.
Mr. Kobia told retiring members to pull their efforts together and make use of their exploits by engaging in income generating activities to survive the high cost of living currently being experienced in the country.
