By K, KNA
Resident of Tharaka Nithi County and particularly farmers have been advised to join Savings and Credit Cooperative Organizations (SACCOs) to improve their financial stability and access to affordable credit.
Speaking to KNA, Maua Farmers SACCO Chairman Morris Mwenda said cooperative societies play a critical role in empowering communities economically.
He noted that SACCOs encourage a culture of saving, provide members with access to low-interest loans, and support business expansion, farming activities, education, and emergency needs.
“SACCOs are the backbone of financial inclusion. Through collective savings, members are able to access affordable loans, grow their investments, and improve their livelihoods without relying on expensive commercial bank credit,” Mwenda said.
The chairman revealed that Maua Farmers SACCO has now surpassed 700 members within a span of one year, a milestone he attributed to increased public awareness and growing trust in cooperative movement.
“Our membership has continued to grow steadily, and this shows that residents are beginning to appreciate the value of saving together and supporting one another financially,” he added.
Mwenda further disclosed that the SACCO is set to receive a major boost from the World Bank through a matching grant, which will strengthen its capital base and improve service delivery to members.
“The matching grant from the World Bank will enable us to increase loan disbursement, support agribusiness and other business ventures,” he noted.
He added that the SACCO also supports farmers directly by providing seeds to members during planting seasons, a move aimed at boosting food security and improving farm productivity.
“We ensure our members have access to quality seeds at the right time so that they can maximize yields and increase their incomes,” Mwenda said.
He encouraged farmers to use SACCO loans to invest in productive activities such as dairy farming, value addition, and small-scale enterprises, saying this would spur local economic growth.
The chairman also assured members of transparency and accountability in the management of the SACCO, emphasizing that strict governance structures are in place to safeguard members’ savings.