Teso, a North Member of Parliament, Oku Kaunya, has challenged residents to embrace a culture of saving through Savings and Credit Cooperative Societies (SACCOs), saying it is one of the most effective ways of eradicating poverty and promoting economic independence.
He said regular saving enables members to access affordable credit to invest in businesses, improve household incomes, and build financially stable families.
The MP noted that the constituency continues to grapple with high dependency levels, with many households earning incomes that can barely meet their basic needs.
Speaking during a members’ education forum organized by Ports SACCO at the Kenya National Union of Teachers (KNUT) Hall in Amagoro, Kaunya said the absence of financial institutions offering affordable credit had, for many years, denied residents the opportunity to start businesses and expand existing enterprises.
He observed that many people had been forced to rely on expensive informal lenders or financial assistance from friends and relatives, making it difficult for them to achieve financial independence.
“Our people have for a long time lacked reliable financial institutions that provide affordable credit to support business expansion. Without capital, many have remained trapped in poverty despite their willingness to work,” he said.
Kaunya urged residents to stop depending on relatives and friends for financial assistance and instead join SACCOs, where they can save consistently, access affordable credit, and invest in income-generating ventures.
“If we want to reduce poverty, we must deliberately cultivate a saving culture. Savings create investments, investments create businesses, and businesses create jobs that improve household incomes,” he said.
The legislator commended Ports SACCO for expanding its services to Malaba, noting that the move would enhance financial inclusion by bringing affordable financial services closer to residents of Teso North and neighboring areas.
He said the SACCO has already enrolled more than 800 members since opening its Malaba branch and urged the Sacco to extend and ensure they enlist at least 5,000 residents from the area.
Kaunya also praised the SACCO’s Corporate Social Responsibility (CSR) initiatives, noting that since establishing operations in Malaba, it has awarded full scholarships to 12 students and created employment opportunities for locals.
Ports SACCO Chairman, Ben Juma, said Malaba’s strategic location as a border town, coupled with the proposed development of a dry port and the planned extension of the Standard Gauge Railway (SGR), presents enormous business opportunities that local residents should prepare to exploit through savings and investment.
He said SACCOs play a critical role in empowering communities by providing accessible savings and credit facilities that enable members to start or expand businesses and improve their livelihoods.
“SACCOs are strongest at the grassroots because they empower ordinary wananchi to save, borrow, and invest. Instead of relying on political handouts, young people should embrace cooperative financing, where access to credit is reliable and sustainable,” he said.
He added that Ports SACCO would continue conducting financial literacy programmes to promote a saving culture and equip members with knowledge on savings, investment, entrepreneurship and prudent financial management.
By Jane Kefrica and Elizabeth Achieng
