By Richard Shichangi.
Faridi Saving and Co-operative Society Ltd has been declared the market leader in savings and resource mobilization in Busia County.
County Co-operative Officer, Samuel Khatenya said out of 114 active societies within the county, Faridi Sacco was identified as the best in terms of capital mobilization and asset ownership. He said Faridi also emerged the best well managed Sacco in the county
The official who was addressing stakeholders during a recent Co-operative event, attributed the success of the Sacco to the well established check off system it enjoys, saying it has helped them to reduce loan defaults, hence the improved capital flow.
He noted that the County has experienced the revival of once dormant societies due to increased awareness among members on the importance of belonging to a Saving and Co-operative Society as opposed to patronizing Commercial banks.
Mr Khatenya, however, said of the more than 200 registered societies in the county only 114 are active and challenged officials of the “sleeping” Saccos to double their effort to revamp the societies as the only way of eradicating poverty from their midst.
He observed that it is only through the Co-operative societies that the county could move to the next level in terms of financial independence and improved livelihoods.
Khatenya challenged Saccos especially, those in Agricultural sector such as dairy, sim sim, groundnuts and fishing to invest in value addition and marketing so as to fetch more income for members and boost the growth of the societies in the county.