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February 28, 2020 - 08:31
Cyprian Is Nyakundi
Business

Chai Sacco Seems To Be Struggling Financially

Lerionka Tiampati, KTDA MD and Patron of Chai Sacco

Information sent to the chief editor of this site shows that the Kenya Tea Development Authority (KTDA) owned Chai Sacco is facing financial difficulties.

A client who spoke on condition of anonymity stated that he applied for a loan from the Sacco sometimes late last year and till now he hasn’t received any money.

The managers and salespeople at Chai Sacco take clients round. They give different reasons every week as to why loans are not being approved.

For example, there’s a client who applied for a loan, he was told to bring more security, apart from guarantors, after two weeks of waiting, which was strange.

After he had brought the extra security for the loan, in form of a car, the evaluation was done and the loan asn’t disbursed.

He was told, after more than a month that the car he had brought as security was more than 8 years old and as such doesn’t qualify.

“the Sacco is shifting goal-posts and making it hard for anyone to access credit’, he complained.

A source that cnyakundi.com spoke to said that many more customers are facing the issue for delayed disbursement of loans.

“A lot of customers are there complaining with the same issue. There people have been affected far. Me, another friend of mine and some ladies I meet at the (chai) office’, said the source.

The above scenario could be a pointer that the Sacco has officially entered the red.

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