Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The Sacco has a housing project in Malaa, along Kangundo road where several units of houses that will cost between 3 million to 5 million Kenya shillings are being constructed. Photo/COURTESY.

Kenya

Diaspora saccos growing by leaps and bounds

The Sacco has a housing project in Malaa, along Kangundo road where several units of houses that will cost between 3 million to 5 million Kenya shillings are being constructed. Photo/COURTESY.

SEATTLE, USA, June 25 – Kenyan Savings and Credit Co-operative Societies are steadily spreading their wings into the Diaspora, with 17 Diaspora Saccos across the world, according to the Commissioner for Co-operatives development Mary Mungai.

Addressing members of the Kenya USA Diaspora Sacco at the weekend during the Sacco’s Annual General Meeting that was held in Seattle City, Washington DC, Mungai urged Kenyans living abroad to take the Saccos seriously as safe vehicles of remitting money back home.

She said, “traditional means of sending money through relatives and friends has left many ‘diasporas’ in agony because money is often misused when sent through informal avenues. The commissioner however noted that some of the Saccos face management challenges hence the need for their leaders to undergo training.”

She hailed the Kenya USA Diaspora Sacco members for investing in housing back home hence contributing to the government’s Big Four agenda with affordable housing being one of the four pillars of the agenda.

The Sacco has a housing project in Malaa, along Kangundo road where several units of houses that will cost between 3 million to 5 million Kenya shillings are being constructed.

The Kenya USA Diaspora Sacco was registered by the ministry of Cooperatives in 2012. It has over 1,000 members across all 50 states in the United States.

The Chairman of the Sacco Simon Nyagah said the Sacco goes beyond the USA. “We are now serving all Diasporas across the world in the UK, Australia, Canada, UAE and South Africa.”

He added, “We give loans up to 4 times one’s savings with a much lower interest rate than commercial banks and our loan portfolio includes development loans, emergency loans, refinancing loans as well as top up loans.

Among them was renowned journalist and founder of CHAMS Media, Alex Chamwada, who was feted for his TV series Daring Abroad that highlights the experiences of Kenyans living abroad. Photo/COURTESY.

During the meeting, several personalities were feted for contributing towards the welfare of Kenyans in the Diaspora.

Among them was renowned journalist and founder of CHAMS Media, Alex Chamwada, who was feted for his TV series Daring Abroad that highlights the experiences of Kenyans living abroad.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...