The culture of saving is rapidly taking root in the Kenya banking sectors evidenced by the number of SACCOS Savings and Credit Co-operative Societies . Projections have shown that in the next 8 years, Member’s deposits in SACCOS will be a whooping KSH 800 billion.
Last year record show that last year Sacco Members had contributed KSH 460 Billion. This proves that the SACCOS are getting their grip in the commercial banking sector and are aiming at also being market leaders in the financial sectors.
Most SACCOS are formed, owned and managed by people that have a common employer, belong to the same church, produce a similar commodity, belong to the same labor union or work in the same community. They have become very famous in Kenya most common being ones of the same employer or producers of a certain product.
The government of Kenya has been on the fore front to support this SACCOS through the ministry of Industrialization in a bid to economically and financially empower Kenyans.
SACCOS in Kenya have undertaken huge and major projects that are not only beneficial to members but also to the nation at large. They have invested in the agricultural sector and have been a major contributor to the increased food security in the East African Country.
Kenya’s Principal Secretary for Industrialization and Enterprise Development has encouraged Kenyans to form Saccos or join existing ones as they are very fundamental and are soon to be very key players in the Kenya’s financial sector.
While joining a SACCO gives a member an arena to save up for a specific project, they are also a source of very low interest loans that Kenyans can access and expand their small business and indirectly positively impact on the national economy.
Research has shown that SACCOS in Kenya especially in the upcountry regions are the main platform through which members are able to save, invest as well as improve the quality of their lives.
