How Saccos Investments are Changing Lives
Accounts with over KSH1MILLION grow fastest on affordable lending, higher returns- SASRA DATA. It is crystal clear that Savings and Credit Co-operative Societies (Saccos) are the gateway to success for many Kenyans. The latest data shows that these entities are empowering communities from the grassroots level, promoting the dignity of individuals, and expanding opportunities for all, especially women, youth, and vulnerable members of society. Â The number of Sacco millionaires is fast rising, highlighting Saccos’ role in entrenching the saving culture, wealth creation and unlocking opportunities for members’ empowerment. Various studies show that Saccos offer higher savings rates and lower interest rates on loans, making it easier for their members to accumulate wealth. Since they’re not focused on making profits but on covering their operating costs instead, Saccos, just like other co-operatives, are able to offer better interest rates to their members. According to data released by SASRA, Sacco members earned a whopping Ksh49.14 billion in rebates last year.
