By Reuben Olita, Busia
The Former Public and Private Sector Staff Sacco (FOPPS) has announced plans to transform into a commercial bank as part of its long-term strategy to expand financial services and improve money circulation among members.
Speaking during a Central Cluster meeting at Akites village in Chakol Division, Teso South, Busia County, FOPPS National Chairman Ben Akwara said the Sacco will next month begin validating its new Strategic Plan, which is expected to be finalized within three years.
“The strategic plan is designed to transition FOPPS into a fully-fledged commercial bank,” said Mr. Akwara, a retired Deputy Secretary in the Office of the President and former Chairman of Harambee Sacco. “Many commercial banks started as Saccos, and with commitment, we can achieve the same growth.”
He urged members to repay their loans promptly to strengthen the Sacco’s financial base and accelerate its growth.
Retired High Court Judge Mathew Anyara Emukule, a member of the Sacco, praised its founders for their vision. “This idea is like Microsoft in the United States, which took 40 years to be listed among the Forbes top 500 companies,” he said. “FOPPS should build on its 10 years of existence to compete internationally. Risk takers believe in God, and I am committed to walking this journey like other established Saccos such as Harambee and Mwalimu.”
The Sacco has also partnered with CIC Life Assurance Ltd to provide members with medical cover. Western Regional Relations Officer Wilberforce Ouma said nine members are already benefiting from the service, which caters for retirees aged 60–85 years and allows up to six dependants. The package includes inpatient, outpatient, dental, optical, and last expense benefits.
FOPPS Sacco currently has 22 clusters with more than 500 members, including serving and retired bishops, members of the judiciary, and senior professionals. Cluster meetings provide a platform to exchange business ideas and promote healthy living.
Among those present at the bonding session were ACK Bishop Katakwa Diocese Rev. John Okude, former ACK Bishop Maseno North Rev. Simon Oketch, and former Ministry of Public Works Assistant Secretary Boaz Ikong’o.
