Mombasa County has a total of 300 registered cooperative societies, Sacco Review has learnt.
Speaking to Sacco Review in his office at Bima Tower Building in Mombasa town recently, Mombasa County Cooperative director, Nelson Nyoro said that the 300 registered cooperatives societies have a current membership of 98,000 members.
He further revealed that the cooperative societies in the region have total assets amounting to shillings KSh25 billion.
The director disclosed that the cooperatives have realised loan book of KSh22 billion with a turnover of KSh4 billion respectively.
“Some 22 new cooperatives have so far been registered in the region,” noted Nyoro.
At the same time, he stated that KSh100 million has been set aside by the county administration as a revolving fund to enable the county residents to use the fund to boost their daily activities.
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He also cautioned society’s members against defaulting, saying it is a serious offence, and once a defaulter is reported to Credit Reference Bureau he or she will be blacklisted and will not be allowed to get a loan forever.
Nyoro, however advised county residents to join cooperatives in large numbers and invest heavily to enable them access bigger loans to carry out their development projects.
“The Cooperative Movement plays an important role in the country, that of uplifting living standards of people,” he said.
He urged cooperatives members to borrow loans wisely and pay promptly so as to enable others to benefit from the same loan products.
He asked women and youth to cooperate fully and form Saccos and invest heavily to boost their economic wellbeing.
By Tsozungu Kombe
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