Vihiga county government intends to support Savings and Credit Cooperative Societies (SACCOs through the establishment of a revolving fund.
The county governor Dr. Wilber Ottichilo said the Vihiga County Traders Sacco, which mainly draws its membership from micro and small traders, would be a major beneficiary.
Dr. Ottichilo said this during the shareholders meeting to discuss the performance of the Sacco. “Since its inception in 2008, this Sacco has transformed the lives of members by offering affordable credit, which they use to start-up or expand businesses,” he observed.
The governor disclosed that the membership has grown from 1282 in 2018 to the current 2389. The loans portfolio has also ballooned from Sh5.9 million in 2019 to Sh29 million in the latest figures.
The county head, who is among the biggest shareholders, stated that some members have invested wisely and ended up owning motor vehicles land and houses.
He encouraged other interest groups to embrace a saving culture so as to be able to pool resources together for socio-economic development.
Source: Kenya News Agency