By Our Reporter
Over 400 Bungoma County Motorbike Sacco members have benefited from motorbike loans that are now helping them to generate adequate income to better their living standards and re-service the loans monthly.
Moffats Nabaala, Head of staff at the Bungoma-based society said the management expects to serve about 1,500 members with the loan facility by end of this year and that with time all the 3,258 members would benefit.
The Sacco has recorded a significant growth since its establishment about three years ago after it bought four commercial buses using funds raised by Bungoma MPs during a function presided over by Deputy President William Ruto in 2015.
Nabaala said out of the Sh14 million raised at the event, they purchased four commercial buses that will ply Bungoma-Nairobi route in a month’s time. He said the vehicles are expected to arrive soon from the manufacturer, Isuzu, in Nairobi.
The Head of staff called on other Bodaboda operators in the county who have not joined the Sacco to do so and benefit from its products and services.
According to the Chairman of Motorbike Bodaboda operators in the county, John Masika the main aim of forming the society was to mobilize their resources to ensure economic independence.
He observed that members of the society would get loans at cheaper interest rates to buy own motorbikes and get into other viable investments.
The chairman noted that currently majority of riders in the County operated hired motorbikes which made it difficult for them to fully benefit from their businesses.
“It is our desire to see our members own their motorbikes and every member has to enroll for membership at just Sh1000 and thereafter repay at Sh50 every day as his shares,” Masika said.