The strategic partnership seeks to empower businesses and entrepreneurs The sacco, which has for long been associated with teachers, has partnered with the Kenya National Chamber of Commerce and Industry (KNCCI), Nairobi Chapter, to reach businesses including in the Jua Kali sector.
Speaking during the signing of the MoU in Nairobi yesterday, Mwalimu Sacco chairman Joel Gachari said the strategic partnership seeks to empower businesses and entrepreneurs. “ We aim to strengthen support for entrepreneurs, SMEs, youth-led enterprises, and the wider business community through financial inclusion, enterprise development, and capacity-building initiatives,” Gachari said.
KNCCI will offer its wide membership network, with the partnership designed to empower businesses through access to financial solutions, business networking opportunities, financial literacy programmes, mentorship, and market linkage initiatives. “This strategic collaboration will help accelerate enterprise growth and creat e sustainable economic opportunities for entrepreneurs across Nairobi c ounty.
The partnership is expected to bridge critical gaps affecting SMEs, particularly in access to affordable financing, business support services and enterprise sustainability,” KNCCI Nairobi Chapt er chairman, James Mwaura, said. According to Mwaura, access credit remains a challenmge for many SMEs and businesses in the informal sector, leaving a majority to rely on expensive digital loans and shylocks.
“ Mwalimu Sac c o is going to give us that big solution, whereby we are going to remove people from the se expensive loans. To grow the economy, we need access to liquidity and affordable credit is key,” he said. Mwalimu Sacco CEO Kenneth Odhiambo said plans are in place to expand lending to the manufacturing, real estate, trade and the blue economy.
“ I n the short run, we are starting with small businesses including the informal sector the later we can be able to go into the bigger industry players,” he said. The sacco’s loan book stood at Sh56.3 billion as of last year, having grown from Sh47.2 billion in 2024.
Member deposits closed the year at Sh56.5 up from Sh52.2 billion. Its asset base grew to Sh76.3 billion up from Sh68.8 billion with major investments in property.