Saccos Innovate to Boost Savings with Exclusive Training and Millionaire’s Club Initiatives.
Saccos are now utilizing more creative ways to boost their deposits from internal sources in order to avoid costly external loans. One of these methods includes training and equipping top savers with financial tips, encouraging members to increase their savings to gain access to privileges such as the Boresha Sacco’s top savers training with financial consultants and coaches and the Kenya National Police DT Sacco’s annual best savers training and conference.
Imarika DT Sacco also recently organized a training session for its top savers to equip them with financial skills and increase their deposits. The Annual Investors Forum at the Imarika Plaza Conference was led by Chairman Mr. John Ziro and CEO Mr. George Yongo.
These initiatives aim to promote a savings culture, educate members on financial products, and encourage them to use higher dividend earnings to fulfill financial obligations such as school and college fees. Additionally, Saccos are offering all-expense paid trips outside the country to motivate saving and provide the opportunity for members to learn from other top savers internationally.
In 2023, Harambee Sacco launched the millionaire’s club called Milli Club, requiring members to have savings of at least Ksh1 million over time or deposited in a single installment to join. The club offers opportunities to network with entrepreneurs and receive valuable lessons on debt management, savings, budgeting, and investing from financial experts.
The Sacco Supervision Annual Report 2022 revealed that DT-SACCOs held 92,000 accounts with deposits exceeding Ksh1 million by the end of December 2022, accounting for 0.63% of all deposit accounts and totalling Ksh163.29 billion.
The report also showed that large-tiered DT-SACCOs held the highest proportion of the deposits within the range, indicating their capability to attract and retain large amounts of deposits from their members.
