As the Country’s hard economy bites, most of the Kenyans especially boda boda riders, farmers and traders from the Western region have been asked to join Saccos and save for the future.
Speaking to Journalists on Monday in Busia town, Godfrey Saidi, Chairman of Faridi Sacco stated that many boda boda riders are facing a lot of challenges to pay the creditors after taking motorbikes.
He said that currently, other creditors are issuing motorbikes at the cost of Sh. 250,000 to 300,000 adding that Saccos give motorbikes at a discounted amount of Sh105,000.
“I have experienced boda boda riders’ motorbikes being taken by creditors because they have failed to clear the arrears,” Saidi said.
He noted that saccos offer opportunities for all kinds of business operators to take save and borrow loans with the sole aim of starting and expanding their business.
Faridi Sacco has a membership of 11,000, an increase from 3,000 in 2014.
Saidi added that the Faridi Sacco targets to get 60,000 members in three years to come.
The Sacco rebranded from Busia Teso Teachers Sacco with the purpose of accommodating business people and government employees.
“Initially, Faridi Sacco was operating as a teachers’ savings scheme but due to its fast growth we decided to rebrand it so that we can accommodate everybody and allow people to save and borrow loans,” he said.
The Chairman said that currently, Faridi Sacco has an asset base of Sh2 billion with a loan book of 1.6 billion.
The Sacco is planning to set aside Sh5 million that will cater for the bright but needy students’ fees who join national schools.
“Apart from issuing loans to traders, farmers, teachers and civil servants, we shall also give back to society by paying fees to bright but needy students,” he said.
Dismas Esamai, Faridi Sacco CEO said that the organization has developed an app to allow customers to access loans and information with ease.
