Gor Mahia-powered Sacco launched in city

A Savings and Credit Society (Sacco) associated with Kenyan Premier League champions Gor Mahia was launched by former Prime Minister Raila Odinga at the weekend at Nyayo National Stadium.

Gor Mahia Sacco is registered under the Co-operatives Societies of Kenya Act to mobilise savings and deposits and extend credit to members for economic empowerment.

Talking to Standard sports, Gor Mahia chairman Ambrose Rachier said the initiative is a significant move towards developing the public economically as well as helping Gor club.

“This is an innovative initiative that is open to all interested people and corporates. It is intended to improve the welfare of communities and by joining the Sacco, one will also help Gor Mahia from the registration fee they will pay.

“Only Sh100 from the Sh500 of registration fee will go to Gor Mahia as part of the Sacco’s social responsibility. The intention is to emulate some big clubs in Europe like Barcelona who have a huge helping hand of community in their success,” said Rachier.

The Sacco interim committee is chaired by banker Victor Kidiwa. The former PM said the project reflects the inherent Kenyan dream.

“A Kenya that gives her citizens the opportunity to realise their dreams. It is my hope that people, especially the youth, will take up the opportunity to join the Gor Mahia Sacco to draw optimal benefit to empower them socially and economically,” he said.

The minimum contributions for individuals are Sh50 daily, Sh100 weekly and Sh200 monthly with fully paid-up capital of 50 shares of Sh20 each to be recovered at the end of the year.

Minimum contribution for corporates is Sh350 daily, Sh2,450 weekly and a monthly contribution of Sh10,000 with a fully paid share capital of 500 shares of Sh20 each to be recovered from the total contributions at the end of the year.

Other than the contributions and investment plans the Sacco has, members are expected to adopt Gor Mahia players of their choice to mentor them and help them lead a decent life during active playing career and even after to avoid miserable life some Kenyan footballers are leading. If they so wish, members will make savings of Sh1,000 per month for the players.

The Sacco draws its membership from like-minded investors within Kenya and abroad and, as per the chairman’s word, members will have a number of advantages like access to loans that vary from development loans, business loans, emergency loans, school fees loans and personal loans, among other loans and benefits that can be of interest to members.

The Sacco has made it easy for members to make savings and monitor the events in their accounts even via cell phone by dialing *346#.