Boda Boda operators have been urged to join savings and Credit Cooperative Societies to streamline their 2020 resolutions.
Speaking in Murang’a County during an event where Kabati Flyover Operators Sacco unveiled their 2019 profit margin, Kandara OCPD Paul Wambugu said youth, especially Boda Boda operators should join Saccos to empower themselves.
Mr. Wambugu lauded the society’s members for coming up with such an entity to empower themselves.
“We are so proud of them because they have demonstrated that it is possible for youths to set goals and accomplish them. The ones that operate solely are the ones that give us headaches in terms of security,” said Wambugu.
Kabati Flyover Operators Sacco recorded profit growth amounting to Shs.1.1 million for the year 2019 and dividends to members amounting to no less than Shs.3, 500, depending on the members’ deposits.
The society issued loans amounting to Shs.5.6 million to its members during the same year.
The Sacco vice chairman George Mungai Njoroge said to realize the profit, the society engaes in other income generating activities which has proved success.
He said that the Sacco invested in four boda bodas and tuk tuks and has also procured a two acres parcel of land valued at Sh1.2 million.
Mr. Njoroge added that the Sacco also established a welfare program for its members, which caters for members medical bills and in case of loss of life.
“This sector has numerous challenges so we had to establish the program to support those who get ill and help them resume work as soon as possible,” he said.
The program sees each member contributes Shs.200 per month, and it covers members’ immediate families.