The sterling performance of the Saccos in Bondo has been attributed to prudent management, proper capacity building, and adherence to best practices. The various Saccos have been placed under an umbrella management entity called Goldian Credit Limited, where experts offer real-time solutions to the Saccos (small businesses), guiding them and taking them through best business practices.
Bosco Aremo, CEO of Goldian Credit, who oversees the operations of over 50 business groups in the various Saccos, notes that as an intermediary between the Uwezo Fund and the Saccos, they have ensured thorough discipline in the utilization of the loans.
In a recent visit to the Saccos in Bondo by the Cabinet Secretary for Cooperatives and Micro, Small, and Medium Enterprises (MSMEs), Wycliffe Oparanya, the region was ranked as the best in terms of utilization of Uwezo Funds and prompt repayment of loans.
According to Bosco, over Ksh 32 million in Uwezo Fund cheques were given to the Saccos in the region, and Bondo constituency has been acknowledged for leading the country in the repayment of loans and the improvement of businesses.
He added that they use a Sacco model where they also offer saving services and loans to individual members at a rate of 1% interest per annum for school fees and other business improvements.
The Saccos/groups have accounts with Goldian Credit, where they save money. These savings are then loaned out at three times the amount, with an interest rate of 1% on a reducing balance, and a maximum repayment period of one year.
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“As Goldian Credit Limited, we train the Sacco members on financial literacy, bookkeeping, and the viability of income-generating activities. We have different business groups in beekeeping, poultry farming, aquaculture, dairy, boda boda, and other sectors. We bring the groups together to share experiences,” Bosco stated.
Through Goldian Credit, small businesses in Bondo have benefited from over Ksh 15 million in loan support, along with additional resources like shades, umbrellas, and other key forms of support.
By Erick Nyayiera.
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