Benjamin Nzioka conceived the idea of a cooperative society in 1971 with the aim of improving the living standards of his fellow workers, creating employment opportunities, and helping them achieve their aspirations. A pioneering committee was formed, with Nzioka serving as interim Chairman, Joseph Githua as interim Secretary, and Shem Ogola as interim Treasurer. Despite initial challenges, the society was officially registered, and by the end of its first year, membership had reached 190. A significant breakthrough came with the approval and disbursement of loans, which accelerated membership growth. The Kenya Bankers Society held its first elections in 1978, by which time Nzioka had been elected Chairman of the Kenya Union of Commercial Food & Allied Workers (KUCFAW) in 1977. Due to regulatory restrictions, he stepped down from his role, and Samuel Ouko Mbori was elected as the second National Chairman.
Product Launches
The Sacco having been given a nod to commence operations, it started by launching the following products
- Main savings scheme
- Development loan
- Emergency loan
- Additional loan
Interest Rebates Payout
By end of 1982 the first rebates were paid covering the period 1979,1980, 1981 & 1982
Member agreed to raise minimum monthly savings from Kshs. 100 to Kshs. 200 p.m.
Share capital Scheme Introduced
A deposit scheme for members wanting to invest in the Sacco was introduced in 1989
Benevolent Fund
Registration of the benevolent fund scheme finalized in 1992 to commence operation from January 1993. The fund was to cater for deceased member, loan payoff, funeral expenses for members and immediate family as well as inpatient hospital bills
Loan Ceiling Removed
In May 1995, loan ceilings were removed. This meant that the Sacco management committee approved members loan based on 3-times savings.
Staff Mortgage Loan
Introduction of staff mortgage loan was a morale booster for Sacco staff
The Sacco acquired a 1-acre parcel of land in Upper Hill, Nairobi, to construct its headquarters. Construction was completed and handed over in January 2005. In April 2005, during the Sacco’s 30th anniversary celebration, the headquarters was officially opened by Hon. Njeru Ndwiga, MP, EGH, then Minister for Cooperative Development and Marketing.
Completed in 2009, Banque Villa Estate received the requisite funding support necessary for its completion. Upon a successful sale of the units, the project’s loan was repaid, and the Sacco officially handed over the properties to participating members later that same year.
This project in Syokimau along Mombasa Road was another development that was conceived in 2014 through a partnership with a developer. The magnificent development is located along Mombasa Road.
In 2022, the Sacco underwent a significant rebrand, adopting the new name The Kenya Bankers. Alongside the rebrand, it also transitioned its core banking system from Temenos to Kwara, aligning its technological capabilities with evolving member needs.
In 2023, The Kenya Bankers expanded its reach to Kakuma in Turkana County, a strategic move aimed at bridging the financial inclusion gap in Northern Kenya. This office brings essential savings and credit services closer to members in the region.