SACCOs have all the financial solutions both individually and collectively to the youth and the society as a whole. SACCOs also contribute to our economy in the following ways;
Saccos can create employment to the young people directly and indirectly.
UNIFYING THE SOCIETY
Saccos have been known to bring people with a common goal together. E.g. teachers, Matatu owners etc. have achieved much through their Saccos. Members socialize and interact with each other and this has contributed to society unity.
They work for sustainable development of their communities through policies approved by their members. By empowering their members economically Saccos have indirectly contributed to the economic development of the society.
SERVES A NICHE OVERLOOKED BY OTHER FINANCIAL INSTITUTIONS
A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.
One principle of co-operatives is Education, training and information; they provide education and training for their members, elected representatives, managers, and employees so that they can contribute effectively to the development of their co-operative. They train members on financial management.
In conclusion, they are now regulated by SASRA which means members savings are in safe hands unlike previously.
Unison Sacco Society ltd