WESTLANDS MP Tim Wanyonyi has encouraged youth to embrace and develop a saving culture by pooling resources together in a SACCO. The MP rooted for financial literacy among the youth as a poignant habit of progress and change, citing savings is a foundation to the future.
Speaking at the induction training for the new Biashara Ya Westlands SACCO (BIYAWE), the ODM legislator made a strong case for instilling a saving culture in the youth, saying setting aside KES 50 a day would amount to KES 18,000 a year.
He urged the youth to save more and spend less on non-essentials.The new SACCO targets individual youth,YOUTH in groups, bodaboda groups as wells as small scale traders from across Westlands.
Mr Wanyonyi urged the members of the SACCO to support it through savings and engage in investment so as to nurture their growth.
BIYAWE SACCO is set to be launched mid of March 2019. It will offer opportunities to obtain capital, accumulate savings and market the output of their commercial efforts.
The SACCO will have a membership subscription fee of KES 2,000, share capital of KES 2,000 and a minimum daily contribution of KES 50.