Leaders from the Western region have launched plans for a new savings and credit cooperative society aimed at expanding financial inclusion and supporting economic growth across the region.
The initiative, known as Shirikiana Sacco, was unveiled during an inaugural meeting held with interim officials, where leaders described the Sacco as a key vehicle for empowering farmers, small businesses, professionals and other sectors of the economy.
According to the officials, the Sacco will use coffee farming as its anchor value chain while also supporting other economic activities within the region. The broader goal is to unlock the economic potential of various sectors through improved access to affordable credit and financial services.
It is projected that through the Sacco, economic development will be facilitated, the MSMEs developed and agriculture transformed.
Some challenges have been identified with regard to small businesses and farmers due to lack of finance. This is likely to affect economic growth. The Sacco is supposed to assist by promoting economic development from a grassroots level.
Other than offering loan services, Shirikiana Sacco will also provide social services to the members and their respective families.
Examples of such services include provision of education services where one can pay school fees, and contributions to Social Health Authority (SHA) for the members.
It was observed that the creation of the Sacco will go a long way in developing cooperation in Western Kenya and securing finances for the households and businesses.
This is happening in a period when Saccos are seen as vital instruments in empowering individuals financially.
