Shofco launches Sacco in Mathare slums
Friday, February 14th, 2020
Shining Hope for Communities (SHOFCO) on Thursday rolled out its Sacco programme at its branch in Mathare.
The Sacco, which allows its members to save as little as Ksh100, will target over 20, 000 Shofco Urban Network (SUN) members in the area.
While acknowledging the roll out, SHOFCO Chief Executive Officer (CEO) Kennedy Odede encouraged the youth and women to take advantage of the Sacco to save the little money they have.
"Finally, SHOFCO Sacco has been rolled out in Mathare. This is now a great opportunity espcially for young people and women to save and invest their money. Mathare people, start saving today at SHOFCO Sacco and borrow money so that you can turn that business idea you have into reality, go back to school or buy a property," Odede said.
The Sacco allows slums residents to access credit without any collateral, jobs or even bank accounts.
"Shofco Sacco members will be able to access cheap loans," Odede said.
All one needs is to become a member and save in order to accumulate shares with fellow members acting as collateral.
“A lot of men are jobless but it is women who feel the pain of raising a family because if their children are hungry they are the ones who bear the burden,” Odede said during the first launch of SHOFCO Sacco in Kibera in in August 2015.
SHOFCO intends to roll out the facility across its 10 branches in Nairobi (5), Mombasa (3) and Kisumu (2).