Sacco movement mobilizes Sh6.9bn

BySacco Review

Aug 29, 2018 ,

By Kage Njoroge

Co-operatives societies have emerged as strategic economic growth drivers which have created sustainable revenue generating opportunities in Murang’a County.
County Executive Committee Member for Cooperatives Development, Edward Muiruri Maina explained that the sector is central in the economic and social lifeline in this county.
Muiruri states majority of the residents earn their financial livelihoods from co-operative societies where they access affordable credit or other products tailored to meet their specific needs.
Speaking during this year’s 96th International Co-operative Day celebrations held at Kigumo market, he disclosed that the sector has mobilized huge financial resources which circulate in the local money market.
He revealed the sector has accumulated savings deposits, amounting to Sh6.9 billion.
Muiruri noted that currently, the Saccos have disbursed loans to members to the tune of Sh4.6.billion. This money has gone to finance implementation of various individual, corporate and shareholder projects, thus contributing enormously to the county’s development programmes.
Some 646,000 adult residents are registered members of Co-operative societies in the county which is over 60 per cent of the population.
Residents have organised themselves into saccos in most sectors, where they mobilise savings to fund their investments and social activities.
These include Saccos on agriculture, housing, real estate, disability, transport, agribusiness, dairy, Boda Boda and small holder traders among others.

Leave a Reply

Your email address will not be published. Required fields are marked *