Savings and Credit Co-operative Societies (SACCOS) have proven overtime to be the go-to financial aid in times of crisis. These saccos have enabled many meet their investment dreams by offering financial solutions especially to the small-holder investors.
Meet Mercy Chepkirui, 26-year-old vibrant and young business lady scoring high in the money game thanks to the sacco model which offered her a solution at a time when her decor business was drowning.
“Saccos are heaven sent and also better than commercial banks,” Mercy Chepkirui, a member of Tower sacco asserts.
Chepkirui who has been saving with Tower sacco for more than three years now states that the sacco came to her rescue at a time when she was battling financially and her decor business was failing.
Initially, she had started her business as a decor vendor selling 3D wall clocks, wall mural, wallpapers and 3D wall ceiling out of passion with the little amount of cash she had in her pockets. However, the business was picking slowly since she had to source for clients online, cold-calling and seeking referrals from friends which took her quite some time to adjust.
The business went picking slowly and finally started doing well until the onset of the coronavirus which pulled down several businesses, Chepkirui’s business not excepted. She finally had to close down her business due to unavailability of customers and enough income to sustain the business during the lockdown. This turned her whole life into a nightmare since she solely depended on the business for
income.
However, after the coronavirus period, she was lucky enough to get a job at a real estate company where she was introduced by her employer into Tower Sacco. She immediately started saving with the sacco, which luckily for her there was no set minimum account deposit and after a few years, she was able to borrow her first loan, which she says was a good amount that revived her decor business.
She used the loan to purchase her products which she sells online in and out of Mombasa and this brightened her once darkened journey. Today, she is a happy owner of a decor business and doing well at it.
Chepkirui however attributed her willingness to join the sacco to the lucrative dividends on share capital with 20 percent rate, quick services provided by the sacco in terms of lending of loans to members, which for Tower Sacco it only takes 24 hours for the loans to be processed. Their repayment period of 36 months also makes it comfortable for the members to borrow loans from the sacco.
Having seen the benefits inccurred from the sacco, she has recommended some of her friends to join the sacco which she considers her business savior.
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