By Wesley Ken
The youth are often described
as the present and future of
any country, Kenya included.
Therefore, any Sacco that wants
to survive has to make itself attractive
to this segment.
Most of the youth are the so
called millennials – born in the
1980s. This is the group that is coming
into the market with needs that
are totally different from those of
the older generation.
Unlike the past where one was
employed the most viable investment
decision one had to make was
to join a Sacco, the current setting
presents one with more options.
One can join a Sacco, invest in the
money market, buy and sell shares
at the stock exchange at the stock or
invest in Treasury Bills and Bonds
among other viable options.
So in order for a Saccos to appeal
to the youth, it must be relevant
and endear itself to this segment,
which holds the future.
This, according to Ms. Angela
Nyanjong, the Elimu Sacco CEO,
was the basis upon which the Society
decided to design products
that attract the youth to enable them
invest their proceeds from employment
and other side hustles.
Elimu Sacco, registered in 1972
by employees from the Ministry of
Education has products best suited
to the youth in their BOSA and
It has a Development Loan,
which is a 48-month grant, given at
a maximum of three times one’s deposits,
less outstanding loans. With
this loan, the youth can set up projects
“There is a JI-Connect loan,
which enables the youth acquire
top-notch technology gadgets like
Elimu Sacco – Leader in Youth and Children Products
Lilian Maina, Marketing Manager.
smart phones and tablets so as to remain
tech-survy,” said Ms Nyanjong.
This product was launched last year
in conjunction with mobile service
provider, Safaricom. Each time Safaricom
has offers, Elimu Sacco advertises
the same to members so that
they can also benefit.
In June this year, Elimu Sacco
launched Mobile banking product to
enable all its members including the
youth to access their savings through
the mobile phone. The Society plans
to begin offering loans through the
mobile phone soon.
The Sacco also introduced college
fees loan, after it realized that
there are many members, including
the youth who have a desire to further
their education but lack financial
“We also have school fees savings
account, wedding savings account
for those who want to organize wedding
and junior savings account for
children- which enables members to
save for their children at a minimum
interest of 3 per cent. The Junior Savings
account cultivates the culture of
savings among children,” said Ms
Although the junior savings
account has not picked up as expected,
Ms Nyanjong assures that
plans are underway to promote
and revamp the product in the
coming year and link it with everything
exciting and beneficial to
Ms. Lilian Maina, the Sacco’s
Head of Marketing, said that one
can save as little as Sh 100 and be
able to withdraw it at any given
With Tujenge Jamii Loan for
instance, the youth can form a
group and be able to take a loan
to develop or even start their own
business. “Empowered youth
translate to an empowered and focused
society.As such our products
are geared towards savings
and loan processing; this will
help the youth start their business,
boost existing ones or even lead to
innovation”, said Ms. Maina.
Elimu Sacco offers unique
flexible loan repayment. A normal
loan repayment period of 36
months can be stretched by another
“Most of our members are low
income earners, working in education
institutions as subordinate
staff. We therefore have to be flexible
to meet their needs,” said Ms.
“If one can access cash through
the mobile phone, then you know
you are part of the banked population;
a plus for us!” said Ms.
By Wesley Ken