Tramom Sacco Director, Mr. Nickson Isoka has called upon the young people to join saccos and benefit from the financial support gained from the sub-sector.
“We need to earn before we spend. If you spend before you earn, you will find yourself in a deathtrap.We encourage young people to join saccos and start saving in order to grow your revenues,” Mr. Isoka stated.
He noted that by accommodating a savings culture, the youth can be able to benefit immensely from the long-term savings, get a loan at low rates, access education and training forums on how to manage finances and also get an opportunity to network with other individuals in the sacco and grow their scope.
The society, was established in 1985 initially to serve members of the SDV Transami Ltd and its affiliate companies. However, it has opened its bond to members of other professions and currently has a membership of 3000 members as per the last year’s report.
The sacco opened its bond in a bid to widen its market scope and is working to live up to its objective of ensuring that they encourage and instill a savings culture among its members. This, the sacco’s head says, without savings there cannot be an availability of resources for investment.
Tramom Sacco offers several loans to its members which include; the long-term loans such as development or project loans which requires a plan and takes quite some time to access, the emergency loans which are normally applied in the office and processed and approved almost immediately, advance loans which can be accessed online by using the provided USSD code, education loans among
other loans.
“The loans are all tailored to meet the existing needs of the members,” added the Director.
Members also enjoyed dividends of 10% and share interest of 5.5% according to last year’s report which was spurred by a shakeup in some of the companies where the sacco draw its membership.
To become a member of the sacco, an individual is required to fill out a membership form available online, submit it, then pay a membership fee of a thousand shillings. The individual’s account will be set up and a message of confirmation sent to the member. The process is instant and takes about 5-10mins.
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