Are you thinking about joining a SACCO? Savings and Credit Cooperative Organizations (SACCOs) have become popular in Kenya for providing affordable financial services to individual and group members. Let us explore how SACCOs work, how you can earn from them, the costs and benefits of joining, and the rules governing their operations, and maybe you can make an informed decision going forward. How Does a SACCO Work? SACCOs are cooperative societies where members pool funds to provide loans and savings facilities. Members contribute regularly to a common fund, which is then used to extend loans to members at relatively low interest rates. The institutions are structured around principles of mutual assistance, democratic control, and shared benefits. Here's a detailed look at how SACCOs function: 1. Membership and Contributions Joining a SACCO: You become a member of a SACCO by purchasing shares and committing to making regular or monthly savings contributions. Depending...