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Savings Societies a Growing Alternative to Banks in Kenya

Savings and credit cooperative societies, commonly known as SACCOS, are becoming increasingly popular in Kenya.They provide an alternative to banks for low-income earners who need financing. Taxi driver George Mokua said being a member of a SACCO helped him start his taxi business. For a long time, he said, he didn't have the confidence to approach a bank because he had not saved a substantial amount of money and had few assets. “The terms and conditions for getting a loan through a...

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