Fifteen dormant Cooperative Societies in Mombasa County are set for revival, Sacco Review has reliably established.
Speaking to Sacco Review from Mombasa town recently, Mombasa County Cooperative director, Nelson Nyoro revealed that the county will be using the funds allocated for office operations to revive the dormant cooperative societies in the area
He, however disclosed that the trend would enable the county residents to join the Cooperatives in large numbers, hence invest heavily and get bigger loans at the end of the transaction period to accomplish their personal development projects.
The director further advised Cooperatives in the region to embrace good leadership and governance for effective operations.
“The move would therefore encourage county residents to join Cooperatives in large numbers to uplift their living standards,” noted Nyoro.
Additionally, he stated that many people in the country have managed to implement their personal development projects through taking loans from their respective Cooperatives.
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At the same time, the director advised Cooperatives members in the region to cooperate fully by ensuring that they develop a saving culture rather than a consuming culture which will lead them to big losses.
“High rate of share savings would enable you to get good returns at the end,” he told Cooperatives members in the county.
Nyoro added that joining Cooperative is the right direction to go, noting that the move would lead members to stability and prosperity.
He further urged members to borrow loans wisely and pay promptly a the move would enable others to benefit from the same loan products.
The director also asked members to use the loans they take from their respective Cooperatives for the intended purposes only, but not to divert it for other unplanned uses.
He also warned members against defaulting, saying that defaulting is a serious offence, and when one is blacklisted by the Credit Reference Bureau ( CRB ) will not be allowed to get loans forever.
He further asked members to remain united and patronize their Cooperatives so as to get quality services.
By Tsozungu Kombe
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