Peter Munya urges women and youth to form trading Saccos

Meru, Kenya: Meru County Governor Peter Munya has launched a drive bringing thousands of women, youth and traders together, to form Saccos.

Saying Saccos is the way to go as women and youth in the county seek economic empowerment, Mr Munya said his government will pump funds into the women, youth and general traders’ Saccos to uplift living standards.

“We will give most of my government’s funds to the Saccos, because we believe they are an effective tool to fight poverty,” said Munya, who was accompanied by Members of the County Assembly and the executive.

He said the Saccos will obtain loans at low rates for income generating projects.

Friendly interest rate

“Meru has over 20 commercial banks but their interest rates are too high. That is why we have come up with this initiative that will enable them borrow three times of the money they save, at a friendly interest rate,” Munya said.

He said all Sacco members have undergone training to help them start businesses.

He added: “Our dream is for all the saccos to come together to form one giant union so as to realise more benefits.” He said for starters, sacco members in every ward in the county will get Sh1 million.

Ntoitha M’Mithiaru, the County Executive in charge of cooperatives said Imenti North Women sacco had 7,100 women members while the youth sacco in the area has 2900 members so far. The general traders sacco in the area has so far attracted 5,735 members.

In an event marked by traditional and modern music, the Meru County leaders said there is strength in unity hence the need for people to pool resources together as they seek greater economic empowerment.