A Sacco official has encouraged fishermen and boda boda operators to embrace savings culture for wealth creation.
Topkrim Deposit Taking (DT) Sacco Chief Executive Officer Alphaxard Obala said that the riders and fishermen can expand their businesses through savings.
He said saving money can help business operators during emergencies as it provides a fallback should something unexpected happen.
He noted that many boda boda riders and fishermen have not embraced a savings culture because of a lack of financial literacy.
‘There are many opportunities that can help residents generate income. Fishermen can greatly benefit by investing in saccos and taking insurance cover to protect them,’ Obala said.
Speaking during a marketing campaign in Homa Bay town, the Chief Executive officer said they had rebranded their organization to be more appealing to members.
Topkrim DT was previously known as Rachuonyo Teachers Savings and Credit Cooperative Society (Sacco).
It seeks to drive financial inclusion in the informal sector.
Before changing the name, Topkrim DT was known to draw membership from teachers in the Rachuonyo region (Kasipul, Karachuonyo and Kabondo Kasipul).
Obala said the Sacco has now focused on incorporating boda boda riders and fishermen into financial inclusion.
He was accompanied by Sacco Chairman Isaiah Opere and Secretary Mary Ochiel.
Obala said fishermen and boda boda operators have a history of poor saving culture.
‘We are offering a financial savings platform for fishermen and bodaboda operators to strengthen their financial muscle,’ he added.
The officials said they realized that confining the Sacco to teachers was blocking potential members from other sectors from joining.
Opere said they decided to rebrand the sacco to have a different look.
‘Boda boda operators will access loans which can help them expand businesses. Nyanza residents should avoid poor financial management to address the vicious circle of poverty,’ Opere said.
He said that to encourage more people to join the financial institution, Topkrim DT has introduced new products for its members.
Fishermen who save with them will access a loan called Wavuvi which the organisation hopes will help fisherfolk expand their business operations.
Opere appealed to people in the informal sector to embrace the culture of saving in saccos as a means of growing their businesses.
The Sacco Treasurer Joseph Otieno assured their members that their money was in safe hands.
Source: Kenya News Agency
