Topkrim Deposit Taking (DT) Sacco Chief Executive Officer Alphaxard Obala has encouraged fisher folk and boda boda operators to embrace a savings culture for wealth creation, noting that they can expand their businesses through savings.
He said saving money can help business operators during emergencies as it provides a fallback should something unexpected happen.
He noted that many of them have not embraced a savings culture because of a lack of financial literacy.
“There are many opportunities that can help residents generate income. Fishermen can greatly benefit by investing in Saccos and taking insurance cover to protect them,” Mr Obala said.
Speaking in Homa Bay town, he said they had rebranded the Sacco to be more appealing to members.
The Sacco changed its name to Topkrim DT from Rachuonyo Teachers Savings and Credit Cooperative Society.
It seeks to drive financial inclusion in the informal sector to diversify its membership beyond teachers.
Mr. Obala said the Sacco focuses on recruiting boda boda riders and fishermen to empower them economically.
“We are offering a financial savings platform for fishermen and bodaboda operators to strengthen their financial muscle,” he added. He was accompanied by Sacco Chairman Isaiah Opere and Secretary Mary Ochiel.
The officials said they realized that confining the Sacco to teachers was blocking potential members from other sectors.
“Boda boda operators will access loans which can help them expand businesses. Nyanza residents should avoid poor financial management to address the vicious circle of poverty,” Mr Opere said.
He said that to encourage more people to join the financial institution, Topkrim DT has introduced new products tailor-made for their members.
Mr. Opere appealed to people in the informal sector to embrace the culture of saving in Saccos to grow their businesses.
The Sacco Treasurer, Joseph Otieno, assured their members that their money was safe, adding that relevant government agencies regulate the Sacco.
