Before becoming the chairman of Tower Sacco, Peter Ngugi worked in a supermarket.
Today, he credits patience and listening to people for helping him rise to the top of a financial institution that boasts over 240,000 members and an asset base of over ksh 34 billion.
In a recent quick-fire interview session, Ngugi described himself as a social person who enjoys working with people.
Growing up, he wanted to become a teacher. Although his career took a different direction, he still enjoys leading and helping people achieve their dreams.
One of the biggest lessons he says he has learned is that patience pays.
He believes business leaders should have integrity and help bring positive change to the organisations they lead.
Ngugi said that he starts his day at 5 am and ends it at 10 pm. He prefers jogging to working out in a gym and is an ardent fan of Harambee Stars, while Mombasa remains his favourite holiday destination.
Internationally, he supports Arsenal, which plays in the English Premier League.
At work, he enjoys hearing from members about Tower Sacco’s products and services. He finds it especially rewarding when they explain how those products have improved their lives.
“I love it when customers enquire about our products and services and when they talk about how Tower Sacco’s products have changed their lives,” he said.
Ngugi said that the late Bob Collymore, who was Safaricom’s CEO from 2010 until his death in 2019, was his leadership mentor and has had the greatest influence on his leadership journey.
Encouraging young people to invest
Ngugi, who revealed that he made his first million at the age of 30, advised young people to begin investing early, even if they can only afford small amounts.
“Life is about investing. The little you have, you invest,” he said. He stated that enormous financial growth rarely happens overnight, and instead happens when young people save little by little.
He also encouraged Tower Sacco members to keep investing and remain hopeful about the future, adding that he looks forward to Tower Sacco’s goal of achieving ksh 80 billion in assets by 2030.
Earlier this year, Tower sacco marked one of the most impressive cooperative achievements in the country, having achieved a net asset base of ksh 34.56 billion and a membership surpassing 247,800.
This marked a 29% increase from the sacco’s 192, 270 members that it recorded in 2024.
Ngugi attributed this growth to disciplined members and strong leadership.
He also shared that his borrowing eligibility under the sacco’s T-Express service ranges from KSh 18,000 to KSh 20,000.
Speaking ahead of Tower Sacco’s Customer Service Week, Ngugi encouraged staff to be patient when listening to members. He said understanding their needs would help staff serve them better.
He also urged employees to take time to listen and show a willingness to help members grow financially.
“I would urge my staff to be patient when listening and dealing with the members to understand them and have the passion for helping them grow,” he said.
For members, his message was to continue investing and maintain a positive outlook.
His takeaway was that digitization is the future, and therefore it should be embraced by all financial institutions, tower scaco included.
“We are transforming this organization digitally because we know that digitization is the future. Many people are going to enjoy our products through digital lending,” he said.
Tower Sacco background
Tower Sacco began with a group of primary school teachers in Ol Kalou, Nyandarua County.
They paid an entrance fee of KSh 20 and shared a belief that pooling their resources could help them improve their lives.
The organisation was formally registered on September 15, 1976, as Nyandarua Teachers Sacco Society. It started with 125 members and share capital of KSh 90,000.
Initially, the sacco served teachers only. In 2011, it opened its membership to other groups, including government employees, farmers, traders, jua kali workers, and Kenyans living abroad.
Currently, the sacco operates at least 31 branches across nine counties, supported by over 300 agents nationwide.
Its product portfolio includes premium loans, asset finance loans, salaried loans, among other lending products.