The small and micro-enterprise business community have been urged to join Saccos in order to save their money for future use and also access loans on friendly grounds to boost their businesses.
Regardless of Kenya’s economic status, Saccos have made access to savings and credit easier, for the middle and low-income segment for both household and enterprise development.
According to WASHA SACCO Chair Henry Nyaga, financial freedom and development for small businesses can be achieved through such initiatives that are customised to cater for their basic economic needs.
The Sacco business, like the banking business, thrives on the trust and confidence of the depositors and investors. The growth of Saccos shows how important they are in providing affordable financial services to Kenyans.
Speaking during the marking of 40 years of existence in a savings and credit provider, WASHA SACCO Chair Henry Nyaga indicated the steps made so far in the industry stressing more recognition for the roles they play in Kenya noting that Sacco’s have accumulated 35% of the country’s national savings.
The Chairman said his Sacco has launched a door to door campaign to reach small scale business operators to recruit them in their saving and Credit facility.
He said the institution has provided a platform to the business community in Mombasa on access to financial products and services and entrepreneurship education as a way of empowering traders and also influencing growth in entrepreneurship.
The Chairman said Small and Medium enterprises popularly known as SMEs are engines of growth and vital to the economy and that’s why they have focused their recruitment on bringing them onboard in their Sacco.
Nyaga said through the small-scale trader’s empowerment campaign dubbed MASHINANI, the Sacco has been able to recruit small traders who operate as food vendors, Mama Mbogas and Bodaboda operators.