This archive report was first published on 7 June 2020.
As the COVID-19 pandemic continues to affect Kenyans, Bingwa Sacco has come up with a plan to support its members. The Kirinyaga-based savings and cooperative society has announced that it will be offering flexible loan terms to its members who have been hit hard by the pandemic.
Through its 19 branches countywide, Bingwa Sacco will also be donating food stuffs to poor Kenyans as part of efforts to shield the country against the impact of the pandemic. According to CEO Jane Mugo, the sacco wants to ensure that its members, who are mostly farmers and small-scale traders, can access loans at reasonable terms.
Ms. Mugo advised sacco members to keep saving despite suppressed earnings, as the virus rages on. She noted that the sacco has developed products and financial solutions to enable all groups of people, regardless of their economic status, to save a percentage of their earnings and invest after the current crisis is over.
Ms. Mugo emphasized that if members have savings with Bingwa, they qualify for loans to start or boost their business. She also highlighted the importance of lenders playing a role in the country's reconstruction after the pandemic and other calamities such as massive flooding and the locust invasion.
Published on June 7, 2020, in The Standard.
