Mwalimu Saving and Credit Cooperative Society (Sacco) Homa Bay Branch Manager Eunice Oketch has urged those in the informal sector to join financial institutions that are regulated.
She warned small scale businesses operators including bodaboda riders and fishermen against joining Saccos that are not registered and may collapse.
The Manager also urged the business community to disregard myths that joining big Saccos requires big deposits.
The official made the remarks today in Homa Bay town during the celebration of 50 years of existence of Mwalimu sacco.
Homa Bay Sub-county boda boda Chairman Richard Opiyo confirmed that riders in the region have their own Saccos but are not registered.
“At least each of the 40 wards in the county has a riders’ Sacco. We recently got financial support from the county government,” he said.
Mr Opiyo however said that their outfits were not governed by Saccos Regulatory Authority (SaSRA).
“We have met all the necessary requirements and forwarded necessary documents to relevant offices,” he said.
“Joining cooperatives is recommended by experts. But ensure the groups are regulated,” Ms Oketch said.
She said people in the informal sector earn little compared to those employed formally but they also have financial goals.
She urged people in other sectors, other than teachers, to join Mwalimu Sacco.
Mwalimu Sacco branch Chairman Francis Odhiambo advised civil servants to use the outfit to process their retirement benefits.
“We also have a programme that takes care of children in case a member dies,” he said.
Mr Bernard Ochieng, a former branch Manager at the Sacco said financial savings is important as it helps one to start businesses and other income generating activities.
By Davis Langat
