Sirowa SACCO: Increasing Kisumu's wealth creation and empowering local communities

Sirowa SACCO is on a mission to empower people, promote financial literacy, and accelerate wealth creation in order to completely transform the savings and credit sector in Kisumu and Luo Nyanza. The Kobuor Self Help Group, a group of 125 men and women in their 50s and 60s, has been saving money each year to launch a project that will benefit the group. The SACCO recently visited the Mbeme location in Kolwa Central, Kisumu East, to meet with the group.

The executive team of Sirowa SACCO was asked to advise and congratulate them on their excellent saving culture. During the meeting, Sirowa SACCO informed the group about their school fees club, in which members can save between 200 and 300 shillings per day and receive funds ranging from 55,000 to 110,000 shillings per year for their children or grandchildren's school fees.SIROWA SACCO recommended the group to invest in additional financial products, such as fixed deposit accounts and savings accounts, which offer greater interest rates than conventional savings accounts, in addition to the school fees club. The SACCO also advised the group of the advantages of borrowing from a respected financial institution such as SIROWA SACCO, which offers cheaper interest rates and more flexible payback periods than other informal lenders.

We also reviewed the significance of NHIF coverage and how the SACCO might help all group members pay for it.

The group's agricultural specialist asked Sirowa SACCO to help them boost their farming efforts by supplying farm inputs for their produce and finding markets for it. Sirowa SACCO warmly extended their hand to assist the organization with any development activity in which they are participating.

The group members expressed excitement in joining Sirowa SACCO and investing in their products, such as the Agriculture Savings Club, where they can save and invest KES 1,000 monthly and receive KES 9,000 every six months.

Sirowa SACCO is also offering measures to fight the capital flight of Luo capital out of Kisumu, where up to KES 10 million is leaving Kisumu, Luo pockets, and flying away because Luos are just borrowing and not lending. Sirowa SACCO's response is the Karibu Loan, which allows members to borrow KES 500 and repay it in one day, twice, with KES 550. The limit is then raised to KES 1,000, which can be repaid in 10 days at a rate of KES 120 per day. The limit can be adjusted to KES 2,000 and KES 3,000.

Sirowa SACCO also provides the Eat Now, Pay Later Loan, through which bodaboda, tuktuk, and taxi drivers, as well as market women, can obtain loans in the form of cash or food to meet their immediate needs. This effort exemplifies the SACCO's commitment to financial inclusion, particularly for low-income people.

During the tour, the SIROWA SACCO leadership team also provided the group with basic bookkeeping and budgeting skills training. This expertise is critical in assisting the group in efficiently managing their funds and maximizing their revenues. They also stressed the significance of diversifying their assets in order to limit the dangers involved with putting all of their money into one enterprise.

SIROWA SACCO's presence was a big boost for the KOBUOR SELF HELP GROUP. The group expressed their gratitude and committed to continue saving and investing in community projects. The SACCO vowed to continue assisting the group by providing financial services and products tailored to their specific needs.

SIROWA SACCO's presence and suggestions were greatly appreciated by the members of KOBUOR SELF HELP GROUP. They expressed a desire to collaborate with the SACCO in order to attain their financial objectives and better their standard of living.

The visit to KOBUOR SELF HELP GROUP is only one of SIROWA SACCO's many activities to promote financial inclusion and empower Kenyan communities. The SACCO places a great emphasis on offering low-cost financial services to its members, particularly those living in rural areas with limited access to official financial institutions.

The visit also emphasized the vital role that financial institutions play in achieving financial inclusion in Kenya. With the majority of the population still unable to access official financial services, initiatives such as SIROWA SACCO's Eat Now, Pay Later Loan and the School Fees Club are critical in bridging the gap and delivering financial services to low-income workers.

Finally, the visit of SIROWA SACCO to the KOBUOR SELF HELP GROUP was a beacon of hope for financial inclusion. The group's strong saving culture, drive to grow, and openness to learn from financial institutions like SIROWA SACCO are critical in fostering financial inclusion and improving low-income earners' livelihoods. We hope that more financial institutions will follow in the footsteps of SIROWA SACCO and seek to promote financial inclusion in Kenya.Joining Sirowa Sacco also gives you access to financial education and resources that will help you improve your financial literacy and make more educated financial decisions.Sirowa Sacco believes that financial education is essential for long-term wealth creation, and they are dedicated to giving its members with the skills they need to succeed.

Sirowa Sacco, in addition to the numerous loan products and savings accounts, offers an Agriculture Savings Club, which can help members save and invest in farming operations. This is an excellent chance for members interested in agriculture to receive Sacco assistance with agricultural inputs and market access for their produce.

With 121 members and KES. 2,314,000 in commodities stock, Sirowa Sacco has already had a big impact in the community in just three months. Sirowa Sacco can continue to grow and become a leader in the Sacco market in Luo Nyanza and beyond with your assistance.

 Don't pass up this chance to become a part of a growing community of savers and investors. Create your online banking account today by registering at https://sirowa.coop/registration.html. If you have any concerns or require additional information, please contact Sirowa Sacco at deposits@sirowa.coop or by WhatsApp at +254112574988, +254715787791, +254704202920, or +254707226685.

Invest in your future with Sirowa Sacco today!