The popularity of the recently unveiled Kenya USA Diaspora Savings and Credit Cooperative Organization (SACCO) has soared with its official telling Kenya Satellite Network (KSN) that they are overwhelmed by the volume of applications they have received so far.
The SACCO was formally launched amid pomp and color at an Atlanta hotel mid last year at an event attended by the then Minister of Cooperatives, Joseph Nyagah and Kenya’s ambassador to the U.S., Elkanah Odembo.
“We have been working on the nitty gritties to make sure that we don’t give our clients a half baked product,” Kioko said after the official launch.
This comes in the wake of an assurance by the Industrialisation and Enterprise Development secretary Adan Mohamed who recently said the Jubilee government would register more co-operative societies in foreign countries with a large number of Kenyans.
“This initiative will assist Kenyans in foreign countries to make structured remittances and facilitate investment at home,” he said in a speech marking the International Co-operative Day celebrations in Isinya town recently.
The SACCO gives members an opportunity to save and borrow up to three times of one’s shares
It also offers members the advantage of group investment and property development. Mr Kioko said that his team believes that the Kenya USA Diaspora Sacco is the ultimate solution to financial problems facing Kenyans in the Diaspora because it is owned, driven and managed by the Kenyans in the Diaspora.
The Sacco sub-sector has to date mobilized Sh400 billion in domestic savings, which is 33 per cent of the national savings. They have total asset base of Sh300 billion
The International Co-operative Alliance ranks Kenyan sacks first in Africa and seventh globally.
The number of registered sacks has increased to more than 15,000 this year compared to 11,968 in 2008 when the last census was done.
“It is projected that the savings will increase to Sh700 billion this year with registration of more saccos in diaspora,” said Mr Mohamed.-
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