By Laura Sandra, Kakamega
Wevarsity Sacco Society Ltd traces its beginning to the coming together of Aggrey Simiyu, a professor of Instructional Technology, Jack Nandi, a professor of Religion and Ezekiel Kasiera (now deceased), also a professor of Religion.
They were not just colleagues at the Masinde Muliro University of Science and Technology, they also shared a common dream of fostering financial independence within their university community.
The spark for this dream was ignited by the financial struggles they observed among their students and fellow staff members. Many were burdened by debt, lacked savings, and had little access to affordable credit.
The professors knew that financial empowerment was key to improving their community’s well-being. Driven by a deep sense of responsibility and a vision for a better future, they decided to establish a Savings and Credit Cooperative Organization (SACCO).
The professors founded and registered Wevarsity Sacco Society on October 2, 2003 under the Co- Operative Societies Act by the employees of Masinde Muliro University of Science Technology. Its aim was to mobilize resources and provide affordable credit to its members.
“We had come from other universities where we were Sacco members and we knew its value,” said Prof Shiundu, adding ‘we invited a few colleagues and agreed to start a Sacco that will operate above board and benefit its members’
‘We stood under a tree and conceptualised the idea as we believed it could be done. We became more active in 2004 after its registration and took off with just 20 members’, said Prof Shiundu.
Shiundu had earlier belonged to Maseno University Sacco Society Ltd.
In a small, dimly lit office next to the ladies washrooms at the current LBB complex, within the university, the four professors began their journey.
They named the Sacco “Wevarsity,” that was coined from Western University College of Science and Technology, symbolizing the unity and cooperative spirit they sought to instill.
Their relentless efforts began to bear fruit. Slowly but surely, they gained the trust of their colleagues and membership grew steadily, and Wevarsity Sacco began providing essential financial services.
From small personal loans to emergency funds and investment opportunities, the Sacco became a beacon of hope for many who had previously been excluded from traditional financial systems.
“They wanted me to be the Chairman but I declined since I am the one who had the idea. We proposed Prof Ezekiel Kasiera who became the first Chairman while I headed the Supervisory Committee,” said Prof Shiundu
He added: “I was very strict and ensured things were moving on as required. I was at the forefront drafting the bylaws that used to govern the operations of the Sacco,”
Since then, Prof Shiundu has been a committed member of Wevarsity Sacco for the last 20 years and credits his personal growth from savings and the loans advanced to him from the Sacco.
“I don’t think I have ever had a loan from a commercial bank. All my loans are from Wevarsity Sacco that have developed me to finance my development programmes,” said Shiundu
‘My house at home (Butula), my Mumias home that sits on a three-quarter piece of land and the three prime plots I have in Kakamega town, all came from my Sacco savings’ Shiundu said.
The professor further said that he started water harvesting projects at his two homes with the help of the Sacco, saying ‘even if it doesn’t rain for a year, I will have water to irrigate my small farms at home’.
He only regretted that at some point the Sacco almost went under and some members moved to rival Saccos. He heaped praise on the current leadership for restoring sanity at the cooperative society.
“The current Chief Executive Officer and the Board of Directors have made us feel comfortable again. You see leadership that is open and serving the members and pursuing selfish interests,” said Shiundu
Prof Aggrey Simiyu was the Acting Principal at the institution on the day the Sacco was launched. He was seconded from Moi University and became the first Dean of the Faculty of Education. He was holding brief for the founding Vice Chancellor of Mmust, Prof Wangila Barasa (now deceased) who was on leave.
“At that time the cooperative laws did not allow a member to belong to more than one cooperative, but I encouraged them to go on with the launch despite few members having shown interest,” said Prof Simiyu who would a year later withdraw all his savings from Moi University Sacco Society Ltd and joined Wevarsity Sacco.
“Majority of us who came from other universities belonged to Saccos but the staff we found here did not belong to any cooperative. We saw the need to start a Sacco to take care of their financial needs and anyone who was recruited, automatically became a member of the Sacco,” he added
According to Simiyu, the journey has been bumpy due to mismanagement but thanked the current leadership for restoring members’ confidence.
Prof Simiyu said there were 10 children and all of them only managed to get a good education with finances that came from cooperative societies whose parents were members.
“I have many investments that I got from the Sacco. Moi University Sacco savings bought the land that I put up my family house in Eldoret and took a loan from Wevarsity Sacco to put up a house on it,” said Prof Simiyu
He went on: “I bought the plot in 2000 at Sh70, 000 and constructed my house on it in 2005 at the heart of Eldoret town and now it’s valued at Sh 50 Million,”
Simiyu said that ‘I have been able to educate children and those of my brothers using the loans I got from Wevarsity Sacco’
He said that his younger brother died in a road accident in 1992 and left a son who was in nursery while his elder brother, the owner of the lorry that killed their last-born brother died in a road accident in 2002 and left two sons who were in primary school.
His elder brother’s wife died in 2003 and took over the responsibility of looking after them.
“My mother’s sister died while giving birth. My mother assumed responsibility for three of her 15 children but was aging and I ended up taking the responsibility. Together with my two children, I ended up having nine children under my care,” said Simiyu
He added: “Every December, I used to take their fee structures to Wevarsity Sacco and apply for an education loan, pay fee for the whole year including their shopping and then I service it using my salary,”
He said that some of them were privately sponsored students while in the university and that all of them are graduates and in gainful employment, saying, ‘sometimes I get scared and start wondering how I would have paid their school fees were it not for Wevarsity Sacco’.
Twenty years after its inception, Wevarsity Sacco stands as a testament to the vision and resilience of its founders. It is now a financially stable institution, with a diverse portfolio of products and services catering to the evolving needs of its members.
The Sacco has become a cornerstone of the community, fostering economic development and improving the quality of life for countless individuals.
The founding fathers’ story is one of resilience, innovation, and unwavering commitment to a shared dream. Wevarsity Sacco continues to thrive, a shining example of what can be achieved when dedicated individuals come together with a common purpose.
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