Maseno University students have taken an initiative and developed a banking system in the school known as M-SACCO. (Maseno SACCO).
The Sacco which started with a few students those studying medicine has spread across other courses and the numbers grown to over a thousand students.
It operates on the principle that you can save as little as you have to levels of Ksh 5 which is banked weekly to cater for all students where they collect at the end of the semester.
The main aim of the Sacco is to help students to save and access loans as It is favorable to the students in that they access loans with little interest of 5%. The more you save the more the loan.
The organization led by Jackson Mbiu is hoping to see the numbers hit over Sh 5000 next semester. They collect their weekly savings on Friday.
“We are hoping students learn how to bank early enough and grow savings in their accounts borrow loans and invest in them. We have started here in Maseno and we are looking forward to growing to other universities. Feel free to save as little as you can.” said Mbiu.
Students are pleased with the initiative. Daniel Kuria a first year student among the founder members is pleased with the move. Starting with a saving of Sh 50.
“I am hoping to save and access a loan of Sh 100,000. I have been dreaming to start a poultry farm but lack the funds but with M-SACCO my dreams are valid.” said Kuria.