Co-op News

All SACCOs share a common goal to offer access to affordable financial services to their members and provide even the most financially disadvantaged the tools and the opportunities to be financially self-sufficient. Making life choices and dreams a reality is the SACCO difference that makes a real impact in our world.

are unique because they are not-for-profit, democratically controlled, member-owned cooperatives. Saccos pool their members’ assets to provide low-cost loans and other financial services in the best interest of the members, not to earn shareholder profits.

What is your experience with your Sacco?

BodaBoda Operators Unite for Economic Empowerment and Social Security - Co-op News Driven by interests stemming from an everyday hustling environment, BodaBoda operators in Junda Ward, Mombasa County, have joined hands to overcome the many challenges they face. The government’s directive to have all BodaBoda operators form groups and register for order and security purposes in t...

pool their members’ assets to provide low-cost loans and other financial services in the best interest of the members, not to earn shareholder profits.

SACCOs (Credit Unions) strive to make the world a better place for their members by offering affordable rates and high-quality service that simplify their lives and empower them to meet their financial goals.
SACCOs Success depends on Success of their members and community.

Invest in your future and drive your wealth forward, make a bigger shares deposit today and stand a chance to win exciting prizes # ShareDeposit .

What is Loan Guarantorship?

A loan guarantor is a person or
entity that agrees to repay a loan if
the borrower defaults. Guarantors
provide additional assurance to
lenders that the loan will be repaid,
even if the primary borrower is
unable to fulfill their obligations.
Guarantors are typically required
when the primary borrower has
insufficient credit history, income, or
assets/collaterals to qualify for the
loan on their own. Guarantors are
legally bound to fulfill the obligations
of the borrower in case of default, and
their creditworthiness is assessed by
the lender before approving the loan.

“ R i s k is a function of how poorly a strategy will perform if the ‘Wrong’ scenario occurs”.
~Michael Porter

Saccos play a crucial role in our economy, and it's vital that we align the industry with global best practices.
~Wyclife Oparanya

Understanding Loan Guarantee

A loan guarantee is a promise by a
third party to repay a loan in the
event that the borrower defaults on
their payments. Essentially, it’s a form
of financial insurance for the lender,
providing them with assurance that
they will recoup their money even
if the borrower is unable to repay
the loan. This third party, often
a person known to the borrower,
agrees to cover the outstanding
debt if the borrower defaults. Loan
guarantees are commonly used to
facilitate lending to individuals or
businesses who may not otherwise
qualify for a loan due to insufficient
collateral coverage, credit history,
lack of collateral, or other risk factors.
Loan guarantorship and collateral
are two mechanisms commonly used
in lending to mitigate the risk for
lenders and increase the likelihood of
loan repayment.
When someone agrees to be a
guarantor, they assume a Legal
responsibility that they are legally
bound to fulfill the terms of the loan
if the primary borrower defaults. This
means that the guarantor could be
pursued by the lender for repayment,
and their assets could be at risk if
they fail to honor the guarantee.

Understanding SACCO Lending

SACCOs are member-owned financial institutions that mobilize savings from their members and provide credit facilities based on the pooled resources. Unlike traditional Banks, SACCOs operate on a cooperative basis, emphasizing democratic control, member participation, and mutual assistance.

Do not be one of those who shakes hands in a pledge, One of those who is surety for debts;

If you have nothing with which to pay, Why should he take away your bed from under you?

Proverbs 22:26-27

The art is not in making money, but in keeping it.

Control your money

A Budget Is Telling Your Money Where To Go, Instead Of Wondering Where It Went.” — John C. Maxwell

Budget. If you don't tell your money where to go, you'll always wonder where it went.

The Habit Of Saving Is Itself An Education; It Fosters Every Virtue, Teaches Self-Denial, Cultivates The Sense Of Order, Trains To Forethought, And So Broadens The Mind.” – T.T. Munger

Co-op Tech

KENYA Teachers SACCO Association-KETSA

Cultivating a Savings Culture, the Sacco way - Co-op News The Best Way to Start Savings is to start small. This article enlightens you on building a savings culture. And guiding you to the best saccos.

Reforming Co-operative Apex Bodies Amid Financial Misconduct Allegations
https://co-opnews.com/reforming-co-operative-apex-bodies-amid-financial-misconduct-allegations/ via Co-op News

Reforming Co-operative Apex Bodies Amid Financial Misconduct Allegations - Co-op News In a broader sweep, attention is now zeroing in on various apex co-operative entities suspected of overstepping their advocacy roles to delve into financial service provisions for SACCOs.

LOANS

Cooperative Bee-haviour

Bees coordinate and collaborate. They understand that they can accomplish much more together than alone, from constructing a home and finding food to defending and migrating. This is the fundamental principle on which cooperatives are established: members uniting to fulfill common economic, social, and cultural needs and aspirations.

Shout out to my newest followers! Excited to have you onboard!

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Did you know India 🇮🇳 is home to nearly a quarter of the world’s enterprises?

Join us at the International Cooperative Alliance Global Cooperative Conference in New Delhi from 25 to 30 November as we celebrate the theme "Cooperatives Build Prosperity for All"

Register 👉https://icanewdelhi2024.coop



IFFCO International Co-operative Alliance-Asia and Pacific

It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change. Charles Darwin.

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