In Kenya it’s either you save your money in a SACCO, a Bank or purchase real property with your surplus cash.
Two decades ago, there were few banks in the country, those which existed only operated from major towns only.
This led to emergency of SACCOs in small towns to cater for the services of farmers and few individuals who wanted to save their little cash.
Over time, it has become increasingly important to have both SACCOs and Banks because people never trust their neighbors with money anymore. One worrying trend emerging from the Kenyan population,
especially the middle class, is their desire to save in SACCOs than banks. There is something very important motivating them to save in the SACCOs.
Savings and Credit Cooperative Societies are important institutions in the country. One of the major reasons why most people prefer to save their money there is a huge amount of interest the money attracts. Since SACCOs are primarily not meant for posting huge profits, they do everything to make their customers happy. Once your money is in a savings bank in any SACCO, you are assured of making some cash out of it.
It’s very hard for Kenyan SACCOs to make losses. Once you have your money in a SACCO, you are assured that it’s safe and chances of making losses are minimal. I have witnessed several banks closing down because of being declared insolvent, but never have I witnessed a SACCO in Kenya going through receivership or failing to meet members’ targets.
Dumisha Sacco Society has different Savings products that can help grow your money and earn good returns.