The County Government of Vihiga plans to support Savings and Credit Cooperative Societies (SACCOs) by establishing a revolving fund.
The county governor Dr Wilber Ottichilo said the Vihiga County Traders Sacco, which mainly draws its membership from micro and small traders, would be a major beneficiary.
Dr Ottichilo said this during the shareholders’ meeting to discuss the performance of the Sacco. “Since its inception in 2008, this Sacco has transformed the lives of members by offering affordable credit, which they use to start up or expand businesses,” he observed.
The governor disclosed that the membership has grown from 1282 to 2389. The loan portfolio has also ballooned from Ksh5.9 million to Kshh29 million. He noted that some members have invested wisely and ended up owning motor vehicles, land and houses.
He encouraged other interest groups to embrace a saving culture to pool resources together for socio-economic development.
