A SACCO stands for Savings and Credit Cooperative which is a special type of co-operative offering financial services with a primary focus on mobilization of funds and provision of affordable credit to its members who are both the owners and users.

Solidarity, community, collaboration. These are what society need when a country’s economy is strongly affected by a global pandemic. Lockdown restrictions and the resulting economic shock has impacted many people who are facing an unstable financial situation.

The good thing is, a number of them are supported by Savings and Credit Cooperative Societies (SACCOs). They can save money and apply for low-interest rates loans. Members have the opportunity to benefit from simple loan terms and conditions. Compared to traditional banks, SACCOs offer members better interest rates if members need a loan during these challenging times.

Savings and Credit Cooperative Organizations (SACCOs) are a beacon of financial empowerment, offering a multitude of benefits to individuals seeking a secure and prosperous financial future. As cooperative financial institutions, SACCOs provide a range of financial services and opportunities for their members. In this article, we will explore the compelling advantages of joining a SACCO and how it can positively impact your financial well-being.

We give our members dividends on their savings. Dividends depend on the profits made thus the more the savings, the more the dividends you get.

In most instances, SACCOs offer more favorable loan terms than banks. This is due to the fact that their loans have lower interest rates and more flexible repayment options. This is because members can pass on their savings in the form of lower fees and interest rates.