Faridi Sacco determined to grow its membership

Busia, Tuesday, May, 30, 2023

by Victoria Magar/Salome Alwanda

A Savings and Credit Society in Busia has embarked on a road show with a view to expand its membership.

Faridi Sacco whose membership currently stands at 11,000 targets to reach 60,000 within the next three years.

"We have begun vibrant activities including road shows, we expect to reach 60,000 members by 2026 through publicity and vibrant recruitment,” said the Sacco chairman Godfrey Saidi.

Saidi added that the organization has hired 13 sales agents to assist in the recruitment exercise.

He further said that Sacco has an asset base Sh. 2 billion with a loan book of Sh 1.6 billion.

’90 percent of our employees come from the membership and we have set aside Sh 5 million to support 50 bright and needy students pursuing higher learning in national schools.

He urged boda boda riders to join the Sacco so that they can purchase the motorbikes at a discounted rate.

“They will be able to get the motorbikes at Sh. 105,000 compared to Sh. 250,000 that they pay when buying the bikes on loans or hire purchase,” he explained, adding that they are targeting over 1,000 boda motorbike taxi riders across the county.

The official also said that their sales agents will expand to Siaya, Kakamega and Bungoma.

Saidi expressed confidence that the Sacco will expand its Asset base from the current Sh. 2 billion to Shs.10 billion within the next seven years.

Busia Chief Officer for Education and Vocational Training, John Muriuki encouraged the local residents to embrace the saving culture.

Muriuki further reminded the Saccos to abide by SASRA regulations with a view to develop trust and confidence among their members.

Busia County Boda boda chairman Boniface Okumu said that his members are willing to partner with the Sacco so that they can benefit from its products and financial training.

“Their services, especially interest rates, are much better compared to other shylocks,” he said.

The organization was established in 2014 as a teachers’ Sacco (Busia Teachers Sacco) with a membership of 3,000 before it was renamed to Faridi Sacco in 2017 when it opened doors to general members of the public including farmers, fishermen, small scale traders among others.

 Courtesy ; K. N. A