The Anglican Church of Kenya has advised women and youth to join Savings and Credit Co-operative Societies to attain economic empowerment.
Bishop Dr Joseph Muchai of Nakuru ACK Diocese says youth who comprise 70 per cent of Kenya’s population lack a proper saving culture due to lack of commitment.
Dr Muchai stated that women empowerment will benefit hugely from SACCOS unlike banks where they will be required to have securities to access loans.
Speaking in Nakuru during the launch of the Diocese’s ACK Imani Talent Sacco, the cleric singled out 3,600 youths absorbed countrywide under the paid Public Service Internship Programme (PSIP) as individuals who need to join SACCOS to save funds for the future.
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While on the placements that will last between 12 to 18 months, those shortlisted will be attached to Government ministries, departments and agencies and will receive monthly stipends of between Ksh 20,000 and Ksh 30,000.
The Primate said the Anglican Church of Kenya had inaugurated Saccos in five Dioceses under the auspices of the Five Talents Kenya Board.
Dr Muchai noted that following a Shs 1 billion budgetary allocation by the National Assembly to the PSIP programme, Saccos presents the best opportunity for the interns to save capital that will enable them initiate income generating projects.
Five Talents Board Kenya Chairman Reverend (Dr) Gideon Githiga said the five Saccos in Thika, Embu and Nakuru regions have already been registered, having satisfied the conditions set by the Sacco Societies Regulatory Authority (SASRA).
The Nakuru ACK Imani Talent Sacco already has 2,086 members from the eleven sub-counties of Nakuru Town West, Nakuru Town East, Subukia, Bahati, Gilgil, Naivasha, Rongai, Kuresoi North and South, Molo and Njoro.
Mr Githiga said members of the co-operative will be required to save at least Sh100 per month and would qualify to borrow up to three times their savings after making consistent deposits for six months.
The loans would attract a one per cent interest.
He stated the church is committed to the economic empowerment of women in the County and that the friendly loan interest terms offered by the Saccos have been crafted to encourage them to venture into small and medium scale business.
The Saccos, he said, were open to Church Members and non church community, youth and women groups from respective areas.