Are you looking for safe ways to invest your money in this electioneering period? Do you have some money you would like to channel into profitable savings for your future? If any of these questions is a ‘Yes’ to you, then walk with me as I address some ways SACCOs are beneficial in this period.
SACCOs, mean ‘Savings and Credit Co-Operative Society.’ It’s a financial institution that operates on principles such as openness, responsibility, care and honesty, identity, and cooperative values. SACCOs is, therefore, a self-help member-based institution, offering loans to its members through their savings.
Holding an estimation of more than Kshs1.1 billion in savings and assets (Anyika, E. (2020), SACCOs and cooperatives have been transforming lives in the past years, with teachers, doctors, and farmers being the primary beneficiaries. SACCO membership is currently open to anyone to join the institution in putting savings together to provide low-rate loans to each member.
Here are the benefits of being in SACCOs during this electioneering period coupled with challenging economic conditions. To begin with, you can take an emergency loan against your savings or guaranteed by other members (s), which is processed within a few minutes, a perfect way to avoid shylocks.
Secondly, SACCOs encourage you to save more and acquire high financial stability. Bearing that we’re still recovering from the global pandemic, this season will require more financial stamina, and you might spend uncontrollably. SACCOs will help you save consistently, even during this period, and pay interest on your savings.
Anyone who has been a member of SACCOs will tell you that it’s an undisputable investment that pays good dividends to the investors. These investments have more guaranteed returns than any other, where each member has savings. This savings assures you of a quick loan, both during and after this election period, for school fees, and developments.
Let me now address the saving charges and loan-associated expenditures. Unlike other financial institutions, there are little to no fees on your savings in SACCOs. They have constant loan rates of 12%, which has been proven to be far below bank rates at any time (Otwoko & Maina, 2021). There is undoubtedly no more time to wait; save in SACCOs now for your future.