As the Country’s hard economy bites most of the Kenyans, Boda boda riders, farmers and traders from Western region have been asked to join Saccos and save for the future.
Speaking to Journalists in Busia town, Godfrey Saidi, Chairman of Faridi Sacco stated that many boda boda riders are facing a lot of challenges of paying back loans to creditors who give them motorbikes.
He said that currently, other creditors are issuing motorbikes at the cost of Sh. 250,000 to 300,000 adding that Faridi Sacco is giving motorbikes at a discounted amount of Ksh. 105,000.
“I have experienced boda riders’ motorbikes taken by creditors because they have failed to clear the arrears,” Saidi said.
He noted that at Faridi Sacco they offer opportunities for all kinds of business operators to take save and borrow loans with the sole aim of starting and expanding business, adding that Faridi Sacco has a membership of 11,000 being an increase from 3,000 in 2014.
Saidi added that the Sacco targets to get 60,000 members in three years to come.
Faridi Sacco was rebranded from Busia Teso Teachers Sacco with the purpose of accommodating business people and government employees.
“Initially, Faridi Sacco was operating as a teachers’ savings scheme but due to its fast growth we decided to rebrand it so that we can accommodate everybody and allow people to save and borrow loans,” he said.
The Chairman said that currently the Sacco has an asset base of sh 2 million with a loan book of sh 1.6 billion adding that the Sacco is also planning to set aside sh 5 million that will cater for the bright but needy students’ fees who join national schools.
“A part from issuing loans to traders, farmers, teachers and civil servants we shall also give back to the society by paying fees to bright but needy students,” he said.
Dismas Esamai, Faridi Sacco CEO said that the organization has developed an app to allow customers access loans and information with ease.
He added that the biggest shareholders of Faridi Sacco stay abroad and access services online.
Esamai, however, asked farmers to join Saccos and save.
John Muroki, Chief Officer, Education and Vocational training lauded Faridi Sacco for the bold move saying that the Sacco has been a relief to Busia County government staff.
Muroki called on Saccos to comply with the Sacco Societies Regulatory Authority (SASRA) adding that SASRA’s main purpose is to regulate the operation of Saccos in Kenya.
“Even if we establish Saccos, let us ensure that they comply with the SASRA requirements to fulfill the set dream,” the chief officer noted.
By Our reporter
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