Kenyans living and working abroad have been urged to embrace Cooperative Saccos as safer platforms of sending money back home.
Addressing members of the Kenya USA Diaspora Sacco during the Sacco’s Annual General Meeting held in Seattle, Washington over the weekend, Commissioner for Co-operatives development Mary Mungai said Saccos are safer vehicles for Kenyans in the diaspora to send money home.
She said: “Traditional means of sending money through relatives and friends has left many diasporas in agony because money is often misused when sent through informal avenues.”
Mungai commended Kenya USA Diaspora Sacco members for investing in housing, noting that this was part of President Uhuru Kenyatta’s Big Four agenda for the country.
The Sacco is currently undertaking a housing project in Malaa, along Kangundo Rd, where house units will be sold at between Sh3 million and Sh5 million once completed.
The Kenya USA Diaspora Sacco was started in 2012 and has more than 1,000 members from all the 50 states in the US. Simon Nyagah, who is the chairman said the Sacco has membership beyond the US.
“We are now serving all Diasporas across the world in the UK, Australia, Canada, UAE and South Africa.”
He added, “We give loans up to 4 times one’s savings with a much lower interest rate than commercial banks and our loan portfolio includes development loans, emergency loans, refinancing loans as well as top up loans.”
Currently, there are 17 registered Kenyan Diaspora saccos across the world.