This archive report was first published on 18 October 2019.
The Anglican Church of Kenya has launched a Savings and Credit Co-operative Society (Sacco) in Nakuru to promote economic empowerment among women and youth.
Bishop Dr Joseph Muchai of Nakuru ACK Diocese stated that youth, who comprise 70 per cent of Kenya's population, lack a proper saving culture due to lack of commitment.
Speaking during the launch of the ACK Imani Talent Sacco, Dr Muchai noted that women empowerment will benefit hugely from Saccos, unlike banks where they will be required to have securities to access loans.
He singled out 3,600 youths absorbed countrywide under the paid Public Service Internship Programme (PSIP) as individuals who need to join Saccos to save funds for the future.
Those shortlisted will be attached to Government ministries, departments, and agencies and will receive monthly stipends of between Ksh 20,000 and Ksh 30,000.
Dr Muchai said the Anglican Church of Kenya had inaugurated Saccos in five Dioceses under the auspices of the Five Talents Kenya Board.
He noted that following a Shs 1 billion budgetary allocation by the National Assembly to the PSIP programme, Saccos present the best opportunity for the interns to save capital that will enable them initiate income-generating projects.
Five Talents Board Kenya Chairman Reverend (Dr) Gideon Githiga said the five Saccos in Thika, Embu, and Nakuru regions have already been registered, having satisfied the conditions set by the Sacco Societies Regulatory Authority (SASRA).
He stated that members of the co-operative will be required to save at least Sh100 per month and would qualify to borrow up to three times their savings after making consistent deposits for six months.
The loans would attract a one per cent interest, and the church is committed to the economic empowerment of women in the County.
