Sacco relaxes loan terms for members as virus looms

A Kirinyaga based savings and cooperative society is extending flexible loan terms to its members who have been hit hard by Covid-19.

Bingwa Sacco, through its 19 branches countywide, has also announced that it will donate food stuffs to poor Kenyans as part of efforts to shield the country against the impact of the pandemic.

“As Bingwa, we are supporting the Government directives of observing social distancing and staying at home, but at the same time, ensuring that we support our members. Most of them are farmers and small scale traders. We want them to access loans at reasonable terms,” said Bingwa CEO Jane Mugo (pictured).

She advised sacco amembers to keep saving despite suppressed earnings as the virus rages on.  “We have developed products and financial solutions to enable all groups of people, regardless of their economic status, to be able to save a percentage their earnings to enable them invest especially after the current crisis is over,” said Ms Mugo.

“If you have savings with Bingwa, you qualify for loans to start or boost your business.” She also noted that more funds will be required for reconstruction after the pandemic and other calamities that have hit the nation such as massive flooding and the locust invasion, and lenders have a role to play in that.