Teachers in Busia County have been encouraged to invest in cooperative societies, which will allow them to save money and use it for projects that can enhance their income.
Several speakers, including Teachers Service Commission (TSC) Commissioner Nicodemas Anyang, Busia County Executive Committee Member for Trade Olakachuna Omuse, and accountant Antony Muthee, made this appeal during the Faridi Sacco Annual General Meeting held at St Joseph’s Busia Primary School.
They noted that many teachers have not fully embraced the culture of saving, with some opting for dubious schemes that ultimately result in losing their hard-earned money.
“Cooperation is as old as humanity. In its early forms, cooperation was present in almost all villages in Africa and elsewhere. The current structure of Saccos is an advanced form, but its origins lie in these village-based efforts. We have always needed to cooperate to provide for ourselves in various ways,” Anyang said.
“I want to commend the teachers of Busia for remaining in Saccos, as it is a viable way to achieve financial support. If you wish to invest and support yourselves meaningfully, joining Saccos is the way to go,” Anyang added.
“As the TSC, we appreciate the role that Saccos plays in providing financial stability to our employees, particularly teachers.”
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They asked teachers to avoid joining unregulated financial institutions that may end up defrauding them.
“Some of you are lured into gambling sites and get-rich-quick schemes that ultimately take your money and leave you worse off. Invest wisely,” the Commissioner added.
Olakachuna said that the county government is committed to collaborating with Saccos to help them grow to new heights. “A cooperative bill is in the works that will enable Saccos to reach their full potential,” he said.
In his speech, Faridi Sacco Chairperson Godfrey Saidi acknowledged that last year presented economic challenges as income decreased due to various factors, including new taxes and statutory deductions.
“Many loans were underpaid, and some went into default. Delayed and reduced school disbursements affected most of our members’ loans and deposits,” said Chairperson.
However, he noted that the society remained strong and committed to service delivery despite these challenges.
“I particularly want to recognize the contribution of our dedicated sales team, staff, board, and general membership for the growth of our membership. The onboarding of the business community has continued to expand our clientele and loan portfolio,” he added.
The Sacco achieved significant performance in 2024, with total assets increasing by Ksh 358,208,496 from Ksh 2,493,652,454 in 2023, representing an 18 per cent growth.
The turnover rose from Ksh 389 million to Ksh 462 million in 2024, reflecting a 19 per cent increase.
By Philip Ouma
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