Albert Omuko’s Post

Which Sacco do you prefer? There are over 6 million members and over 350 regulated #Saccos across Kenya. These member-owned #cooperatives have become a backbone of #savings and #credit in the nation. If you’re considering joining a Sacco, here’s a quick look at the basics: 𝗠𝗲𝗺𝗯𝗲𝗿𝘀𝗵𝗶𝗽: Open to individuals who meet eligibility criteria. Each Sacco has its own rules. 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀: Members earn through #dividends on #shares and #interest on #deposits. 𝗟𝗼𝗮𝗻 𝗔𝗰𝗰𝗲𝘀𝘀: Members can borrow based on deposits and share #capital, often with flexible repayment terms and options for #collateral or #guarantors. 𝗗𝗲𝗽𝗼𝘀𝗶𝘁 𝗪𝗶𝘁𝗵𝗱𝗿𝗮𝘄𝗮𝗹𝘀: Non-withdrawable but refundable upon exit, making Saccos ideal for long-term saving. This guide answers essential questions on Saccos, from how they work to membership benefits. https://lnkd.in/dfZUr4h6 For many, Saccos are a reliable vehicle for financial growth—just remember to research and pick the right one for your needs. #Money254 #SaccoKenya #PersonalFinance #SavingAndInvesting #FinancialCooperatives #KenyaFinance

When registering a sacco in kenya, note that there are two types; 1. Deposit-taking sacco ; requires you to open a savings account and deposit money that you can easily withdraw. 2. Non-deposit taking sacco; requires you to buy shares into the Sacco and become a member. Learn more about Sacco registration here; https://bit.ly/3SBfhbU #saccoregistration #deposittakingsacco #moneymarket #sacco

In Kenya there are over 175 registered Saccos. Here's how to pick the suitable Sacco and how to make money from it.. 1. Join a SACCO where your relatives, friends and colleagues are members so that you can easily get guarantors when in need of a loan. 2. Check if the Sacco has been authorized. The best way to do this is to ensure that it is listed by the body governing Saccos which is SASRA(SACCOs Societies Regulatory Authority). Other than that, ensure that the SACCO is also insured. 3. Take a look at the interest rates on the loans and deposits and compare it with other Saccos. SACCOs pay annual dividends to their members and therefore interest rates on deposits will affect what you get as dividends. 4. Consider the loan repayment period of the Sacco. It's advisable you go for the one with the most flexible terms. Take note of how you make money in a Sacco: 1) Dividends from share capital To be a member of a SACCO, you have to buy some shares. Every financial year, SACCOs pay dividends. All SACCOs have a minimum share capital requirement. From your share capital, you get to make money through dividends. 2) Rebates on savings In this case, savings in a SACCO earn interest known as rebates.

Fri, 04/10/2024 10:37AM My next project is about giving people the power of self-determination. Once uploaded, I'll give free licenses to groups of people to sell and start businesses. People have ideas they cannot convert because they lack capital for take off. Celken has succeeded in doing something about this. If one informal lender with half a million shillings is able to reach 80 breadwinners, I believe I'm doing something though not big enough. A network of small lenders have been able to create relief where it was needed most. I have witnessed women who used to sit at home hopeless start small businesses that now put food on the table for their families. Technology is real power. Having observed the project for over a year, I'm now stepping up the effort by fully automating the app so we can distribute far and wide. I don't believe in waiting for anybody else to believe in me -- you can doubt for all I care. The idea is to encourage those with money to lend those without so they can start something for themselves. The loans are small but in high rotation so one person can borrow often and pay back to create a chain of support. I'm looking for SMS text messages from all major banks in Kenya. I am especially interested in messages where money is paid into an account from a mobile money wallet. Please forward to my inbox. It's the least you can do. I get angry because I'm fed up seeing so much suffering when I know relief is not farfetched. Go to YouTube and see the pain of ghetto life. If a simple app can mean so much to hundreds of families, why are we so afraid of trying? Don't behave like the devil when you were not created to be one. #journaling #meditation #diary

Thinking about joining the lending game in Kenya? Believe it or not, there are approximately 7.4 million MSMEs in Kenya struggling to access credit, desperately waiting for you to decide to set up shop as a lender in Kenya. Getting started as a lender in Kenya means stepping into a market with a $1.1 billion credit gap. So, where do you start? We've broken it down step-by-step in the carousel. Swipe to see what it really takes to set up shop.

Thanks for sharing Traditional Banking in emerging economies is an extreme contact sport , case in point , East Africa ; competition comes from everywhere and everyone, having the ability to observe , analyze & connect micro trends is probably the most crucial skill for industry leaders of the future . For instance ; projecting 5 -10 years from today , there is no way SMEs will still be filling up papers , paying accounting , legal and valuation fees to access credit ( working capital financing) , one needs to have both ears on the ground to hear and appreciate the silent but powerful force of ‘embedded finance ‘ , otherwise we’ll find ourselves playing catch-up , again . The view above is supported by the following shifts in the market ,as microscopic as some of them are . i . Growth in API driven financial infrastructures ii. Regulatory support for open finance ( in advanced markets , some EA regulators already looking into this ) iii. Partnership between Banks, platforms ,Telcos and Fintechs iv. Increased Demand for suppy chain finance solutions by businesses and BNPL on the consumer side V. Proliferation of Digital ecosystems ( rapid adoption of Accounting & ERP systems by SMEs )

Execllent work, Kenya!! Although not very popular in Namibia, I believe SACCOs have the potential to make a difference in the lives of rural and informal businesses in Namibia. With the right mix of policy support, increased education and strategic implementation, SACCOs can significantly enhance financial inclusion and empower local communities. The opportunity to integrate digital technologies into the SACCOs framework could also revolutionize their operations, making them more accessible and efficient. Optimistic! #financialinclusionpolicy #meaningfulimpact #humancenteredpolicy #accesstocredit

If well managed, SACCOs can thrive in liquidity hit financial markets characterized by collateral based lending like ours with innovations. I have witnessed this as some emerging SACCOs are already luring key personnel from established private commercial banks while in their under two years of operatoon. The future looks really bright for SACCOs.

Thinking about joining the lending game in Kenya? Believe it or not, there are approximately 7.4 million MSMEs in Kenya struggling to access credit, desperately waiting for you to decide to set up shop as a lender in Kenya. Getting started as a lender in Kenya means stepping into a market with a $1.1 billion credit gap. So, where do you start? Lendsqr has broken it down step-by-step in the carousel. Swipe to see what it really takes to set up shop.

A shifting landscape in Kenya's financial sector.