Nation Online

Sunbird Sacco opens its bond

Sunbird Tourism Savings and Credit Cooperatives (Sacco), a payroll-based savings and credit cooperative which has been in existence for 20 years now, plans to reach out to over 3 000 members from the current 1 030.

The grouping has since opened a bond to allow employees from other organisations join the Sacco.

Sunbird Sacco general manager Henock Chakhaza said they have been serving Sunbird employees all along, but they have now opened up to employees from other organisations.

"We offer savings products such as ordinary deposits, school fees deposits and fixed deposits. Loan products include housing, emergency and quick disbursement, among others. Our interest rates are competitive compared to other lending institutions.

"Money for our members is insured and if a member has passed away, shares go to beneficiaries," said Chakhaza.

The Sacco has posted surplus since it started in 1992 with growth above 30 percent every year. Its assets have grown from K201 000 (about $804) in 1992 to K200 million at the end of June 2012.

"Our aim is to encourage our members to be self-reliant financially and invest because we know that their lives can improve that way," said Chakhaza.