, NAIROBI, Kenya, Jan 31 – Kenyan artistes are set to benefit from financial inclusion following the launch of an artiste’s Savings and Credit Cooperative Society (Sacco) on Friday dubbed Sanaa Sacco.
Sanaa Sacco Vice Chairman Jeff Kepha says the Sacco is tailored for all artistes in Kenya and will provide financial services that include savings and credit, retirement benefits, healthcare insurance and in the long term offer bridging to asset acquisition.
“Sanaa Sacco is registered to objectively improve the welfare of the artistes and here we are targeting all the artistes in the country and the Diaspora. We are talking about musicians, athletes, actors, artisans, tailors and we have come up with products that are able to enhance their living and their welfare,” Kepha said.
The Sacco will be rolling out countrywide recruitment registration through counties targeting 76 percent of all the artistes in the country by the end of the year, with a registration fee of Sh500 and a monthly contribution of Sh1000.
“We have seen cases of artistes who get into an accident and are unable to pay for their hospital bill, others don’t have a means of getting financing for their projects since financial institutions do not cater for them,” he stated.
Kepha said the Sacco will provide financial management advice on investment opportunities and expenditure as well as provide platforms and forums for empowerment through seminars.
“We are planning to provide information on artiste management and business aspect of the talents as a whole as well as outsource valuable partnership platforms that include endorsements, “he said.
Welcoming the initiative, Youth Enterprise Development Fund Chairman Gor Semelang’o says this product has come at an opportune time where local content is rising.
Speaking during the launch, Semelang’o urged artistes to take up such opportunities to grow themselves and generate more in come.
He however says regulation of 60 percent local content on local stations has not yet been reinforced.
“We need to reinforce this law, so as we see growth in entertainment sector, Nigeria has a regulation of about 80 percent thus their artistes are doing very well we need to move to that as well,” he said.
He urged banks to also come up with products that cater for the youth and cut down on interest rates.
The Fund recently launched a loan facility for filmmakers dubbed TAKE254 targeting young and upcoming players in the industry.
The Fund has set aside Sh300 million for the first phase which will be available to Kenyans aged 18 to 34 years.
Semelang’o said the amount available per film will range from Sh500,000 to Sh25 million at eight percent interest rate.
“I wish to call upon all young people who wish venture into film making to apply for financing from the fund,” he said.
He said the applicants are expected to have a registered company or business name and register their scripts with the Kenya Copyright Board in order to protect the writers work.