Savings and Credit Cooperative Organizations (Saccos) offer a crucial opportunity for financial empowerment, especially for Gen Z, industry leaders said during a high-savers roundtable in Mombasa. Harambee Sacco COO Renson Mwandoe noted that while Saccos provide affordable loans and financial literacy, many young people remain uninterested despite aspiring to costly lifestyles. He urged youth to take advantage of Saccos for building financial independence, starting businesses, and accessing low-interest credit.
Mwandoe added that Saccos have embraced digitization to attract tech-savvy youth and emphasized their role in promoting economic growth and entrepreneurship. Mombasa County’s cooperative societies director Nelson Nyoro assured the public of government oversight to ensure safe and credible operations. Sacco member Elina Mdawida shared her success story, highlighting how saving with Saccos has helped her plan for retirement and financially empower other women and youth through education and mentorship.
