Availability and equality to access financial services is key for development of grass-root economies across the country. Access to timely, appropriate and affordable financial products and services promotes financial inclusion which is a key enabler for growth of businesses and for personal development of individuals. In Turkana County, Eruko SACCO Limited is on the frontline to register members, mobilize savings and pursue economic opportunities in the agribusiness sector to maximize returns for members. The SACCO which has its offices in Lodwar town has seen its membership growing overtime and is now present in all the seven sub-counties of Turkana.
The Vision of the SACCO is to be a leading community empowering organization through initiatives that promote sustainable and diversified livelihoods. Eruko SACCO is regulated by the Sacco Societies Regulatory Authority and is governed by a board of nine directors who are elected in an AGM. To execute its mandate of economically empowering its members, Eruko SACCO engages in bee-keeping and production of honey for sale, manufacturing of soap and detergents from natural aloe-turkanensis plants that grow in Turkana County and advancing loans to its members.
The SACCO is on a continuous membership recruitment exercise. For one to become a member, an application form must be completed and submitted to the secretary of the society. Ordinary members are required to pay Kes.500 to join while membership by prescription can be attained by paying an entrance fee of Kes.10, 000. Upon admission of an ordinary member, a monthly savings of at least Kes.500 shall be required from members. Members can access loans twice their Savings after a six months period of consistent saving. Loans attract an interest rate of 12% per annum and must be guaranteed by a member of the SACCO.
Eruko SACCO is a true vehicle for development in North Western Kenya and its impact is being felt right from the grass-root level. The SACCO has strategic partners supporting its development and has enjoyed stability thanks to good leadership. Start your journey of saving and unlocking economic opportunities together with likeminded people by joining Eruko SACCO. Contact the SACCO via email@example.com or call +254 718 250 315 for enquiries at Eruko SACCO.