Business operators in the twin Mawanga and Teachers estates in Nakuru have been warned against falling into the traps of operators of fake savings and credit schemes. While addressing members of Mawanga Teachers Busines Owners Association (MATEBOA) during a savings and investment workshop held at Deliverance Church grounds on Friday, Chairman James Maina told the members to exercise caution when saving and borrowing loans. He observed that in the past many small-scale business people had fallen victim to marauding fake savings and credit schemes and gone out of business. He advised the over one hundred small scale business operators to contemplate forming a savings and credit scheme of their own to benefit maximally from their savings. “Instead of taking your money to other investors, we as business people can collectively save and benefit. We can start a loan scheme and pay back our money on low interest. Don’t fall victim to people moving around telling you that they can give you loans after saving with them for a few months,’’ he told the the members. The Treasurer of the group Naomi Mukami told the members to start saving collectively by depositing money in the association’s bank account even as the management committee still pursues plans of registering a savings and credit society. ‘’You will have made a milestone by the time we officially start the savings society. All you need to do is to keep your savings record that will be turned into shares,’’ she advised.

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