KISUMU — Harambee Sacco is making a fresh push to hold on to one of its most valuable assets retirees. The co-operative, one of Kenya’s largest, is offering bespoke services to persuade members exiting public service to keep their money with the Sacco.
Dr George Ochiri, the managing director, said the departures had become a growing concern. Many retirees, after decades of saving, were closing their accounts soon after losing access to a regular payslip.
“These members, some of whom have saved for over 40 years with us they are the people with the money,” Dr Ochiri said in Kisumu on Monday. “We don’t want them to walk away with it.”
He was speaking at a roundtable meeting with top savers from western Kenya, part of a wider outreach to reassure long-term contributors that they remain valued, even in retirement.
The concern is not simply emotional. According to Ochiri, retirees hold a substantial share of the Sacco’s deposits, and their withdrawal threatens to erode a critical part of the organisation’s financial foundation.
To counter that, Harambee Sacco is now tailoring products specifically for retirees financial packages, loan options, and other services adapted to their stage of life.
“The roundtable is to give them hope that we will continue serving them just like when they were in employment,” Ochiri said.
The retention effort is not new, but it is gaining momentum. The Sacco first introduced its retiree engagement programme in 2019, at a time when it was seeing a sharp drop in retiree membership. Since then, Ochiri says the benefits of staying on have become “self-evident” to many members.
“We’ve seen more and more retirees choosing to keep their accounts active,” he said. “They now see the value in staying.”
Harambee Sacco currently has a portfolio of 3,000 top savers each with over Sh1 million in deposits. Together, these members account for around Sh2 billion in savings. The Sacco’s total deposit base stands at Sh28 billion, making the retirees’ share significant.
“While our top savers contribute a large amount, the rest of our members also play a big role,” Ochiri added.
Saccos like Harambee have long been a financial lifeline for public servants in Kenya, offering lower-interest loans and attractive savings schemes. But the transition into retirement often brings new challenges both financial and emotional.
Harambee hopes its targeted approach will not only keep deposits intact but also reaffirm its role as a long-term partner in its members’ lives, from their first job to their final pension payout.
