The youth have been urged to join Savings and Credit Cooperative Organisations (Saccos) to empower themselves economically.

According to Stanley Gachuru, chairman of Mutheki Sacco emphasised that Saccos offer an important pathway to financial independence and entrepreneurship and urged young people to embrace the culture of saving and collective investment

. They noted that many successful entrepreneurs started by pooling resources through cooperatives. Gachuru said Saccos offer lower interest rates compared to traditional banks, making them an attractive option for young people starting out in business or agriculture.

He also stressed the role of Saccos in fostering community development and reducing unemployment.

Economic challenges

“As economic challenges continue to mount, joining Saccos is a practical and sustainable solution for youth seeking financial security and independence,” Kawiri stated during Mutheki Sacco’s annual general meeting.

 A section of the members including the youth shared their success story of how joining a Sacco has propelled them to economic victory.

Financial inclusion

 They emphasised the pivotal role of Sacco entities in fostering economic empowerment within communities, saying that most of them have stood out as a beacon of financial inclusion and opportunity.

They highlighted the streamlined and accessible nature of Sacco’s loan offerings, saying that most of them provide financial support to members without the burdensome requirements often associated with traditional financial institutions.

 During the AGM meeting, participants were encouraged to not only join existing Saccos but also to form new ones tailored to the needs and ambitions of young entrepreneurs.

They called on the government to continue supporting investors through favorable policies and capacity-building initiatives aimed at strengthening the cooperative movement.