Kisii County Governor James Ongwae presided over the launch of the Kisii Town Motorcycle Sacco.
The formation of this Cooperative was in line with recommendations from the the Motorcycle Taskforce formed by the Governor early last year to address issues affecting this sector.
The cooperative has, so far, over 700 registered members drawn from 27 stages within Kisii Town. Members register with Shs100 and purchased a share at Sh1000.
Each member contributes a minimum of Sh100 per month. Ongwae has linked the Sacco with Post Bank and the Cooperative Bank. Members pay monthly contributions directly to the bank through mobile money transfer – which is convenient.
Members can access loans of up to three times their savings from the Sacco to buy motorcycles, acquire property, pay school fees and cater for emergencies.
The establishment of the Sacco is a major step in the reorganization of bodaboda transport in Kisii County as it complements efforts by the National Government.
“The formation of this Sacco is a boost to the bodaboda transport sector in the county and to the cyclists themselves,” said Ongwae.
Kisii Town has about 8,000 motorcycles and the business potential is considered great with the day population for Kisii Town rising to 400,000 on market days – as per estimates