Sacco Space

27/01/2025

Are you considering joining a SACCO?

SACCOs have become increasingly popular due to their focus on providing financial services tailored to their members’ needs.

Let’s delve into the details and shed some light on this important query. Click the link to learn more.

How Much Do I Need to Join A Sacco? If this is a question yove been asking, this is is the blog that will give you the right answers.

24/01/2025

Who Regulates SACCOs in Kenya?

Many wonder about the regulatory framework that governs SACCOs to ensure transparency, stability, and accountability within the sector.

in our blog post, we delve into the question: Who regulates SACCOs in Kenya?

Click on the link to learn more. https://saccospace.co.ke/who-regulates-saccos-in-kenya/

21/01/2025

Despite the noble intentions and grassroots approach, SACCOs sometimes face challenges that lead to their downfall.

We delve into the reasons behind SACCO’s failures and how they can be addressed to ensure their sustainability and success.

click the link to learn more about why Saccos fail. https://saccospace.co.ke/reasons-why-saccos-fail/

20/01/2025

𝐂𝐚𝐧 𝐈 𝐰𝐢𝐭𝐡𝐝𝐫𝐚𝐰 𝐦𝐲 𝐬𝐚𝐯𝐢𝐧𝐠𝐬 𝐟𝐫𝐨𝐦 𝐚 𝐒𝐀𝐂𝐂𝐎?

For many, SACCOs serve as a reliable avenue for savings and access to credit. However, there’s often confusion surrounding the withdrawal of savings from SACCO accounts.

In our blog post, we’ll delve into the intricacies of SACCO operations to answer the burning question: Can I withdraw my savings from a SACCO?

click on the link to learn more

Can I withdraw my savings from a SACCO? Learn about SACCO withdrawal policies and procedures in Kenya. Ensure smooth access to your funds.

15/01/2025

A loan guarantee in SACCOs is an arrangement where members agree to be collectively responsible for a loan taken by another member. If the borrower fails to meet their repayment obligations, the co-guarantors step in to cover the outstanding amount. This system is essential for reducing risk for the SACCO and ensuring that members have access to credit with minimal barriers.

click on the link to learn more

A loan guarantee in SACCOs is an arrangement where members agree to be collectively responsible for a loan taken by another member.

13/01/2025

𝙃𝙤𝙬 𝙎𝘼𝘾𝘾𝙊 𝙈𝙚𝙢𝙗𝙚𝙧𝙨𝙝𝙞𝙥 𝘽𝙪𝙞𝙡𝙙𝙨 𝙁𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝘼𝙘𝙘𝙤𝙪𝙣𝙩𝙖𝙗𝙞𝙡𝙞𝙩𝙮.

Joining a SACCO doesn’t just give you access to financial products; it also encourages you to be more accountable with your money. Regular contributions and the support of a community committed to financial growth can motivate you to save and invest consistently.

Many members find that being part of a SACCO holds them accountable to their savings goals because they have a structured plan to follow. Seeing other members achieve their goals can also inspire you to stay disciplined and focused.

Financial accountability is a powerful habit that SACCOs help instill, making it easier for you to achieve lasting financial security.

09/01/2025

𝙒𝙝𝙖𝙩 𝙖𝙨𝙥𝙚𝙘𝙩𝙨 𝙖𝙧𝙚 𝙘𝙤𝙫𝙚𝙧𝙚𝙙 𝙞𝙣 𝙎𝙖𝙘𝙘𝙤 𝘽𝙮𝙡𝙖𝙬𝙨?

- Membership criteria
- Election procedures for leadership
- Rules for savings and loans
- Conflict resolution mechanisms
- Roles of the SACCO board and committees

Any other items left out?

07/01/2025

How Do SACCOs Give Loans?

If you’re curious about how SACCOs give loans and considering joining one, here’s a breakdown of the process.

learn more from the link

Want do know how SACCOs give loans? Learn more here on our complete guide before applying for any loan from a Sacco.

20/12/2024

𝙒𝙝𝙖𝙩 𝙞𝙨 𝙄𝙣𝙩𝙚𝙧𝙚𝙨𝙩 𝙤𝙣 𝘿𝙚𝙥𝙤𝙨𝙞𝙩𝙨?
Interest on deposits refers to the return you earn on the funds you save within a SACCO. Just like traditional banks, SACCOs reward members who deposit their money by paying them interest. This interest serves as an incentive for members to save regularly, contributing to both their personal financial growth and the SACCO’s operational health.


𝙃𝙤𝙬 𝘿𝙤𝙚𝙨 𝙄𝙣𝙩𝙚𝙧𝙚𝙨𝙩 𝙤𝙣 𝘿𝙚𝙥𝙤𝙨𝙞𝙩𝙨 𝙒𝙤𝙧𝙠?
Interest on deposits in SACCOs is typically calculated on the balance of your savings over a given period. The rate of interest may vary depending on the SACCO’s financial performance, its policies, and the type of savings account you hold.

- Member contributions. Each member deposits money into their SACCO savings account. The amount and frequency can vary depending on the member’s financial goals and the SACCO’s minimum requirements.

- Interest rate determination. SACCOs set their interest rates based on market conditions, profitability, and financial strategies. The rate is often communicated at the beginning of the financial year or during the Annual General Meeting (AGM).

- Accrual of interest. Interest on deposits is accrued periodically (monthly, quarterly, or annually) and credited to the member’s savings account.

- Compounding benefits. Depending on the SACCO’s policy, interest can be compounded, meaning that the interest earned in one period may be added to the principal for the next, resulting in higher total earnings over time.




𝙃𝙤𝙬 𝘿𝙤𝙚𝙨 𝙄𝙣𝙩𝙚𝙧𝙚𝙨𝙩 𝙤𝙣 𝘿𝙚𝙥𝙤𝙨𝙞𝙩𝙨 𝙒𝙤𝙧𝙠?
Earning interest on deposits is a straightforward way to grow your savings without additional effort.

Financial growth. By consistently earning interest on deposits, your money grows over time, contributing to long-term financial stability.

Wealth accumulation. Compounded interest can significantly boost your savings, especially if you’re saving for long-term goals like buying property, starting a business, or retirement.

More details on the comments⬇⬇⬇

10/12/2024

𝑾𝒉𝒂𝒕 𝒊𝒔 𝑭𝑶𝑺𝑨 (𝑭𝒓𝒐𝒏𝒕 𝑶𝒇𝒇𝒊𝒄𝒆 𝑺𝒆𝒓𝒗𝒊𝒄𝒆 𝑨𝒄𝒕𝒊𝒗𝒊𝒕𝒚)

FOSA is the banking arm of a SACCO, designed to offer members convenient, day-to-day banking services.

Unlike the Back Office Service Activity (BOSA), which primarily handles loans and savings accounts, FOSA functions like a traditional bank branch. It enables SACCO members to deposit money, withdraw cash, pay bills, and even access salary advances, all while maintaining the unique cooperative principles of member ownership and shared benefits.

More details on the comments

09/12/2024

Investment Opportunities Within SACCOs. Here is a comprehensive guide for Kenyans.

When it comes to securing a brighter financial future, one of the most reliable options for Kenyans is investing inSACCOs.

Get more details here

Investment opportunities within SACCOs offer high returns and financial growth. Learn how SACCO investments can secure your future and maximize your wealth.

05/12/2024

Can I get a mortgage through a SACCO?
If you’ve struggled with securing a mortgage from a bank or if high interest rates and strict terms are a concern then a SACCO might be a great alternative.

This is how you can access Sacco mortgage. Link on the comments.