The growth of Saccos in Kenya has shown how important they are in providing affordable financial services and enabling easier access to savings and credit for members.
Saccos have therefore impacted the economic growth experienced in Kenyan communicates.
More often than not, we place a lot of emphasis on the achievements of the Sacco but don’t mention the role of members in such achievements. Members’ participation is the key to any achievement in the Sacco sub-sector.
A member driven Sacco does very well as it adheres to members’ opinions, preferences and directives. Saccos should therefore educate their members on their obligations, rights and privileges.
Critical obligations Sacco members need to know include:
- Compliance with the Co-operative Societies Act which acts as a guide to all cooperatives. It clearly indicates terms of membership, the duties of the members as well as their rights and obligations.
Saccos should make an effort of availing this document to every member to enable them understand how the Sacco is run.
- Every member should have a good co-operative spirit with other members of the Sacco and the general public so as to attract more cooperators to the Sacco. The main purpose of every cooperative is to bring together members with a common need to get a solution for their social or economic need. Increased interactions give members an opportunity to give diversified ideas that contribute to the wellbeing of any organization.
- Attending meetings convened by the Sacco at any particular time. When they attend, they should take part in decision-making of sensitive matters tabled for discussion.
- Electing their preferred candidates during the Annual General Meeting. This privilege gives members an opportunity to make leaders who will be answerable to them on the daily operations of the Sacco.
- Participating in adopting the reports presented during the AGM and seeking clarification on every report, amending the by-laws, passing the final accounts, checking the minute book and receiving both annual reports of the board of directors and that of the auditors. These reports enable members to be informed of the activities of the society.
- Ensuring the Sacco meets its objectives.
- The third Cooperative principle encourages economic member participation. The principle calls for all members to contribute economically in the running of the cooperative society. It encourages members pay their capital shares, monthly non-with-drawable deposits and any other contributions that may be agreed upon during Annual General Meetings.
- Observing and obeying the by-laws of the society. The bylaws outline the objectives that drive the Sacco.
- Members are obligated to pay any credits advanced to them by the Sacco in good time and in their full installment. Constant reminders should be made to members from time to time to ensure they have the right knowledge on credit payments.
By CCOP Dorcas Nyambura Ndegwa
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