Pooling resources to invest in income-generating activities or development projects, such as financing further education or residential housing, can be a daunting task.
However, the cooperative movement in Kenya has made it possible for individuals to achieve their goals by pooling resources together. Agriculture is a significant contributor to the Kenyan economy, employing 40% of the population and over 70% of the rural populace.
Any decline in farming activities due to poor weather conditions negatively impacts the economy, leading to higher inflation rates.
Joining a Savings and Credit Cooperative Society (Sacco) can provide individuals with the opportunity to climb up the social and economic ladder for future prosperity.
For those who are unable to earn enough , Saccos cater to both low and high-earners, who come together to achieve shared prosperity. It is an excellent way to start saving and putting aside a portion of your monthly income for rainy days.
Joining a Sacco and making monthly contributions is now more accessible than ever, thanks to technological advancements. You can transact all your businesses regardless of location and time, removing geographical and time barriers.
Employer-based Saccos offer an excellent opportunity for civil servants to start saving from the first month of their salary. Private sector employees can also make monthly contributions to their employer’s Sacco, which offers better rewards than waiting for tomorrow. Saving early can instill financial literacy and discipline, and there is no better place to experience the multiplying effect of money than in a Sacco. By saving, taking credit, and earning an income at the end of the financial year, you can achieve your financial goals and build up capital to buy a mobile phone or a house.
