Saccos to set up own bank

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Apr 7, 2017
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By Amos Kerich.

Kericho County could be the first devolved unit to support its residents who are members of different Saccos to form a bank.
During an event that brought on board all co-operators from the County, Governor Paul Chepkwony thanked them for welcoming the investors.
“I appreciate the people of my County for welcoming the investors. The only way to improve the economy is to put petty politics aside and attract investors,” he said, noting that sweet potatoes from Kericho have become a leading export to England.
He further disclosed that the County has investors working on two different energy production projects in Belgut.
Chepkwony said that ongoing construction of a pineapple factory in Bureti, manufacturing of soaps using locally available raw materials and Kabianga milk processors are some of the key areas that have made Kericho a good investment destination.
He said in his previous trips to America, he met willing investors who can help start a bank owned by the County residents.
“We are performing because we are bench-marking with successful nations in the world. What is possible in America is also possible in Kericho so long as we have great minds and willing hearts,” he said.
The Governor added that to grow the bank ,they would ensure that County’s allocation from the National government will be channelled through it so that profits and interest go into the local peoples’pockets who would be the owners.
The locals welcomed Governor Prof. Paul Chepkwony’s idea in a meeting held at Kericho Teachers College and picked individuals to go for benchmarking in United States in August.
All Saccos ranging from farmers, women, youth, transport and professionals were all brought on board for a six-hour discussion where each team appreciated the Governor’s idea, saying it would eliminate poverty.

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