Bridging sacco

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.


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


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