Tower SACCO Nyandarua branch’s new leadership has promised to push for the adoption of alternative means of recovering money from loan defaulters.
Speaking in Ol Kalou town over the weekend during the election of Tower Sacco director representing Ol Kalou Zone, the newly elected director Patrick Kariuki Thogo, said that efforts should be made to ensure loan guarantors are not punished due to loanees’ fault.
“We have cases where guarantors’ deposits are deducted immediately a loan owner defaults. This is unfair since no effort to trace the defaulter is made before going for the guarantor’s property,” Thogo said.
He added that the thought of guarantors losing their savings to loanees defaulting has discouraged many people from guaranteeing loans to other Sacco members.
On his part, former Tower Sacco Director Stephen Mwangi said that it was about time the old guard allowed some young blood in the running of the Sacco for continuity and innovations.
“We need to put in place a time limit for directors so that no one director can hold the position for life,” said Mwangi. He claimed that many cooperative societies in Nyandarua collapsed because of directors clinging onto their positions for a long time.
This comes after the immediate former director of the Sacco James Mwangi Kiiru lost the directorship to Patrick Kariuki Thogo. Mwangi had held the directorship continuously for 32 years.
He got 219 votes against his only rival Patrick Kariuki Thogo who got 222 votes in the exercise presided over by the Nyandarua County Director of Cooperatives Veronica Kahura.
Tower Sacco is the biggest Sacco in Nyandarua County.
By Waithera Mumbi and Wangui Wambui
