{"id":432,"date":"2021-03-03T09:35:00","date_gmt":"2021-03-03T09:35:00","guid":{"rendered":"http:\/\/zahar.jwsuperthemes.com\/demo-6\/?p=432"},"modified":"2022-03-16T10:08:48","modified_gmt":"2022-03-16T10:08:48","slug":"save-in-a-sacco-kenya-bankers-sacco","status":"publish","type":"post","link":"https:\/\/www.kenyabankers.coop\/save-in-a-sacco-kenya-bankers-sacco\/","title":{"rendered":"SAVE IN A SACCO \u2013 Kenya Bankers Sacco"},"content":{"rendered":"\t\t
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Saving while you are still energetic and productive, is a smart financial move. If you are earning an income, and are thinking about where best you can save that money, you need to consider a SACCO.<\/p>

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SACCOs have gained popularity in Kenya for the past two decades. However, young people are yet to fully embrace them as a way to save money because most of us are not familiar with the concept of SACCOs, exactly how they work and why are they so beneficial. SACCOs are the perfect option for young people who are looking to empower themselves financially.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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What makes a SACCO different:<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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1: The manner in which you save:<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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SACCOs accumulate the savings and provide loans or invest in financial securities and\/or real estate. Saving with a SACCO is different from a bank because:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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  • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tThey are no charges attached to the savings <\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
  • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tA member cannot access their savings unless they terminate their membership or obtain credit <\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
  • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tThe pay interest on your accumulated savings <\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    SACCOs accumulate the savings and provide loans or invest in financial securities<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    2: The way they provide credit:<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    A member is allowed to borrow up to three times their savings, as long as they can provide collateral or get another member to give them a guarantee<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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    \n\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    3: The investment projects they are involved in:<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    SACCOs pull together their members\u2019 savings and invest them in joint projects. SACCOs are generally development oriented as a result of having their roots in the cooperative movement. Usually, they invest in projects such as real estate that members can purchase at reduced rates.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Advantages of SACCOs:<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tThey encourage you to save \u2013 SACCOs require you to save consistently, this enables you to cultivate the discipline of saving often.<\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
    • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tInvestment \u2013 SACCOs pay out dividends on the savings of their members. Compared other investments, saving in a SACCO has a more guaranteed return.<\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
    • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tLimited liability \u2013The liabilities of the society members are limited to the amount of capital they contributed. For this reason, if the society goes bankrupt, the personal property of the members is safe.<\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
    • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tUrgent loans \u2013 Various SACCOs offer developmental and school fees loans that can be processed within a day, depending on the borrower\u2019s urgency.<\/span><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      You should join a SACCO because it will come in handy when you need to get a line of credit. Most importantly, when you do need this line of credit, you will have access to some of the lowest interest rates in the country.<\/p>

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      Do not wait for tomorrow, save now and try to save as much as you can in a SACCO. The benefits you will reap later in life are worth the effort it will take you today.<\/p>

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      Are you a SACCO member? Have you considered joining one before? For more about joining a SACCOS click here<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      SACCOs have gained popularity in Kenya for the past two decades. However, young people are yet to fully embrace them as a way to save money because most of us are not familiar with the concept of SACCOs, exactly how they work and why are they so beneficial. SACCOs are the perfect option for young people who are looking to empower themselves financially.<\/p>\n","protected":false},"author":1,"featured_media":7786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[55],"tags":[],"class_list":["post-432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-savings"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.kenyabankers.coop\/wp-content\/uploads\/2020\/02\/micro-loan.jpg?fit=%2C&ssl=1","_links":{"self":[{"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/posts\/432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/comments?post=432"}],"version-history":[{"count":11,"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/posts\/432\/revisions"}],"predecessor-version":[{"id":7886,"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/posts\/432\/revisions\/7886"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/media\/7786"}],"wp:attachment":[{"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/media?parent=432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/categories?post=432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kenyabankers.coop\/wp-json\/wp\/v2\/tags?post=432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}