As the country’s hard economic times bite, boda boda riders, farmers and traders from the Western region have been asked to join Saccos and invest in the future to cushion themselves against the current cash crunch.
Speaking to journalists in Busia town, Faridi Sacco chairman Godfrey Saidi said many boda boda riders are facing a lot of challenges paying creditors who funded their motorcycles.
He observed that currently, motorbikes cost as much as Ksh300,000, yet Faridi offered them at a discounted price of Ksh105,000.
“I have seen motorbikes confiscated 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 save and borrow with the sole aim of starting and expanding businesses.
The chairman said that the Sacco is planning to set aside Ksh5 million that will cater for bright but needy students.
“Apart from issuing loans to traders, farmers, teachers and civil servants, we shall also give back to the society by paying fees for bright but needy students,” he said.
By our reporter
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