By Munene Maina
Saccos have been urged to follow up on their members to ensure they make proper investments from the loans they get.
This will help reduce the number of loan defaulters in the sector according to James ole Nkiti, a Manager with KUSCCO.
“Let the Sacco invest in members’ education and training to help them with sound personal finances management,” Nkiti told Siraji Sacco delegates during their Annual Meeting.
He noted that banks were doing it better to ensure their customers used the money loaned for the intended purpose.
He also called on societies to leverage on modern technology in offering services to beat existing stiff competition from other institutions in the financial sector.
Nkiti called for a strong partnership between Saccos and other organisations that will ensure members benefit.
He noted that Saccos had greatly helped shape the financial sector and impacted in a big way the economic wellbeing of their members.
Laikipia County Co-operative Officer Richard Murigo, cautioned members against joining unregistered societies enticing them with high returns.
He said instead members should save more in their Saccos where they stand to benefit more in the long run.