Members of Savings and Credit Cooperative Societies (Saccos) have been urged to spend their borrowed money wiselysince they will have to repay back the amount with an interest.
Speaking in Eldoret town on Wednesday, the manager of Sacco Supervision Regulation Authority (SASRA) Peter Owira challenged members of Sacco’s to use the money on income generating projects for easy repayment.
“Being a member of a particular Sacco gives one an opportunity to develop financially, improve one’s livelihood economically through loans at low interests and is reliable compared to other financial institutions such as banks,” he said.
He also urged all Sacco’s to be registered, and stated that 220 have so far been registered, and those which have not complied with rules and regulations will be closed down indefinitely.
“Our mandate as SASRA is to regulate and supervise to ensure that members are empowered economically without being siphoned by substandard Sacco and all deposit taking Saccos should comply with us,” he added.
He challenged Sacco’s to benchmark themselves with the best Saccos and micro finances in the country, and urged members to increase their savings for them to enjoy a host of products such us more dividends.
“Sacco’s should always be re-branding for them to offer different and quality products that will benefit members and it will be as an avenue for the recruitment of more members,” he reiterated.
Peter Owira pleaded with Sacco’s members to guarantee safety of their saving by making sure that they repay their loans promptly so that it may benefit other members.