A Catholic priest has challenged young people to enroll themselves in stable financial institutions from where they can borrow money for investment.
Father Emmanuel Ngugi of Karuri Church said the country relied on the youthful generation to take over the mantle of leadership in running the country’s economic wheel and they should get organized early in life.
He said it was unfortunate when young people followed politicians and the elite in society expecting handouts which they did not work for. “Work hard as you are still energetic and take advantage of your youth to excel” he said.
“Young people should embrace the culture of saving any little money that got into their hands and keeping it for a rainy day. Once they have saved, they can then borrow in tandem with their savings and channel the money to investment” father Ngugi gave the wise counsel to young people yesterday during the Annual General Meeting for Holy Family Basilica Self Help group held at the church hall.
The priest further advised them to be reliable members of the society by borrowing wisely and paying promptly so that the same money can also help future generations who will in return borrow and repay.
He cautioned them to always learn to be their brother’s keeper by associating themselves with institutions where they could learn to do clean businesses free of corruption.
He cited some people whom he knew years back who borrowed money from self-help groups in Kenya and migrated to the United States. He said since they did not intend to repay, they squandered the money, engaged in luxuries and some even died there in a foreign land.
Father Ngugi told them to be always mindful of their parents so that they could extend a helping hand to the people who brought them into this world. “When your parents are struggling to bring you up and offer you the best education and a good life, you should be able to remember when you start making your own money so that you too takes care of them as they do not have enough energy to work hard” he said.
Basilica Self Help Group is a social economic group that was started in 1997. The group has over 3,000 members. As per December 2018, it had 1615 active members who apparently majority are senior members of the society.
The group mobilizes savings of its members and issues loans at an interest rate of 1% per month on reducing balance.Its patron is Father Peter Kamomoe. It also has a benevolent fund which currently stands at 1,863,480.00 shillings as at April 2019.
A member can borrow up to a maximum of three times their savings. Loan period of up to 60 months. Loans must be fully guaranteed and only a members’ shares and those of the guarantors act as collateral for the loan which is paid at the bank an
By Lydia Shiloya