This archive report was first published on 2 September 2021.
On September 2, 2021, Kisii County Commissioner for Co-operative Development Pamela Kemunto urged parents to support their children in embracing the culture of saving and borrowing from Savings and Credit Cooperative (Sacco) societies.
Speaking at the Sacco's Annual Delegates General Meeting (AGM), Commissioner Kemunto encouraged parents to secure loans from the Sacco societies and help their children invest in viable projects to generate profits, repay the loans, and qualify for more loans.
She also implored parents to engage their children in viable projects during the holidays to prevent them from engaging in drug abuse and activities that could spread Covid-19.
"The children can venture into poultry or fish farming, save at the Sacco, and secure loans at friendly and affordable interest rates," Commissioner Kemunto said.
Her sentiments came after realizing that members of the Sacco were not taking loans from the Sacco, leading to a decrease in lending in 2020 compared to 2019.
Chairman Hezekiah Nyasamba emphasized that the pandemic had affected the Sacco's business, but the society had adapted by holding virtual meetings to curb the spread of the pandemic.
He urged Sacco members to take advantage of the reduced interest rates to secure loans from the society and increase its loan portfolio and investments.
Supervisory Committee Chairman Joseph Nyakundi attributed the Sacco's income decrease from Sh433,791,257 in 2019 to Sh379,939,661 in 2020 to the challenges of Covid-19 and government regulations.
