bridging sacco
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BRIDGING SACCO
Bridge to prosperity and financial freedom
Context
Investment plays an important role in sustaining growth and development of any country. High rates of investments depend on high rates of saving (Pelrine & Kabatalya, 2005).
Kenya’s vision 2030 for financial services is to create a successful and globally competitive financial sector capable of promoting high levels of saving and financing for Kenya’s investment needs (Adam, Collier & Ndungu, 2011).
Justification
According to Lipsey and Chrystal (1995) a high saving economy accumulates assets faster and thus grows faster than a low saving economy.
Bailey (2001) defines SACCOs as cooperatives which provide their members with convenient and secure means of saving money and obtaining credit at affordable interest rates.
Kenya - SACCOs The Ministry of Cooperative Development
and Marketing (MCDM) conference report of 2010 indicates that there are currently over 5200 registered SACCOs with over 5.6 million registered members in Kenya.
[MCDM], 2008) estimates that 63 % of Kenya’s population participates directly or indirectly in cooperative based enterprises. Thus, the remaining Kenyans which constitute 37% do not take part in cooperatives.
Gap - Savings Culture
World Council of Credit Unions [WOCCU], 2008) that 38.3% of the Kenyans are still not included in financial services and use.
The problem of low savings and investment comes at a time when African Confederation of Co-operative Savings and Credit Association [ACCOSCA], 2011) workshop has classified SACCOs as vehicles for economic growth.
Why Bridging Sacco
No extra employees Everybody works hard No back up or one on bench Everyone ensures enterprise success Wealth creation through savings &
InvestmentGuide members to create Growth, Risk and compliance (GRC) Plan to monitor the events and maximize the diversity of potential opportunities that exists despite the continued uncertainty in global economy
Our Goal
Capacity building to fight vices of fraud and corruption to foster development and growth of public and private enterprise as well as government projects
Objectives
Family members Mentorship/Coaching from age 13 Personal Development Financial Independence Creation of viable business ventures Professional Leadership & impact training Spiritual development Talent development
Approach (ARM)
Action Result Full Time
Motivation
TargetCreate 2 million Kenyan millionaires in next 5-10 years Uplift 2 million retirees from abject poverty Train Children as;
○ Manager○ Realtor○ Farmer○ Seamstress○ Upholsterer○ Merchant
‘Mtoto umleavyo ndivyo akuavyo’
Business Model Be in a group of 10 Members All members Save Consistently for one year Three businesses per group get Loan of 9
times total savings
Invest in a cow for milk and beef production
Livestock
Livestock sub-sector in Kenya accounts for approximately 10% of the National Gross Domestic Product (GDP).
This is 30% of the agricultural GDP. It employs about 50% of the national agricultural workforce and about 90% of the ASAL workforce. 95% of ASAL household income comes from this sub-sector.
This is despite the fact that the sector receives only 1 % of the total annual budget allocation.
(an overview of livestock subsector in Kenya)
Beef
The beef industry has been ranked as one of Kenya’s fast rising economic sectors through exports to overseas countries and is projected to hit Kshs 70 billion mark in the next five years.
Beef production is estimated by Ministry of Livestock Development to have grown from 287,000mt in the year 2001 to about 300,000mt by year 2008. This has been a steady trends to the as reflected in the FAO figures for beef production in Kenya in 2009 and 2010, which were 290,000mt in both years.
(an overview of livestock subsector in Kenya)
Dairy Data from ILRI survey of
dairy farmers indicate that off take levels may be greater than normally quoted. Which , say, a total of 800,000 dairy farmers with an average of 4 head per HH (2 cows and 2 young stock). About 3.2 million dairy
(an overview of livestock subsector in Kenya)
Members Duty
Every Kenyan has a Legal obligation, duties, & expectations requiring them to get high morals standards, organizational compliance, work culture and to follow behavior of their leadership.
Compliance is expensive but non-compliance is more expensive’
Essentials
From Talking to Action - Planning to Execution
○Wear Jubilee tie○Follow New Democrats Manifesto○ Jubilee is year of Cancellation of debts among fellow Kenyans○Create Ministry of Wealthy Development○Establish Code of Morality
Proposal Government support Recommendation Partnership Seed capital Sponsorship
Join us now
Ideas are useless unless used!
Asante Sana
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