Saccos can help youth save
Unlike traditional banks, saccos are owned and governed by their respective members.
What you need to know:
- Sacco members pool their financial resources to provide affordable credit and attractive savings and investment opportunities to themselves.
- Modern technology makes them competitive because of easy and convenient access to one’s account and affordable loan products, good services and sound financial advice.
Kenyan youth have feasible businesses ideas but lack the financial muscle to realise them. Those with a little capital need more to expand and also save.
Economic opportunities and financial stability are paramount; thus, investing wisely is crucial. Sacco Societies Regulatory Authority (SASRA) reports show women top sacco membership. This is a wake-up call to an ever-ballooning youth population stranded after finishing school.
Sacco members pool their financial resources to provide affordable credit and attractive savings and investment opportunities to themselves. Our youth can tap into the collective financial strength of their community.
Regulate and protect saccos
Unlike traditional banks, saccos are owned and governed by their respective members. This unique feature grants young investors the opportunity to actively participate in decision-making.
Saccos are innovating their products and services to suit young entrepreneurs. Modern technology makes them competitive because of easy and convenient access to one’s account and affordable loan products, good services and sound financial advice.
The youth ought to grab the opportunity of the Digital Age to earn, save and invest in their businesses. However, the government must regulate and protect saccos, especially from cybercrime.
Mr Ngotiek is a journalism and communication student at Rongo University. [email protected]
