Kenyan diaspora in Ireland Savings and Credit Co-op. KENIRES SACCO
The Kenya Ireland Savings and Credit Co-operative goes by the name KENIRES SACCO.
It was initiated in June 2014 and was registered in Kenya in January 2015. It is operated in accordance with the Co-operative Societies Act Cap 490 Laws of Kenya. The main aim of KENIRES is to facilitate pooling of savings by its members every month in the hope of accessing affordable interest rate loans through Financial Institutions for the purpose of undertaking investments in Kenya. Most Kenya
n Diaspora find it difficult to invest back home due to fear of fraudulent and shady deals, extremely high priced investments hiked only for Diaspora, long delays in identifying viable projects to invest in and the long and tedious forms that must be completed and in the case of land, searches through the Ministry of Lands can be difficult and time consuming. For most, an avenue with easy savings, loan accessibility, straight forward investments through transparent and accountable systems would be the ideal way forward. Below are some of the Products and Services and also goals and objectives that KENIRES hope to develop;
1) Savings:
Members can make a non-withdrawal contribution of an agreed amount which accumulates and earns them dividends. It is with this savings that the member(s) uses to secure a loan from SACCO via Financial Institutions.
2) Loans:
Through partnership with banks in Kenya, KUSCCO and the Ministry of Co-operative, Kenyans will be able to obtain various loans. Personal, emergency and developmental loans. Upon registration by all interested members, KUSCCO, Ministry of Co-operative as well as Financial Institutions will visit Ireland and meet the members and advice on how members can access loans jointly as a group or individual or personal loans. During the first meeting held on 21st June, 2014, it was agreed that once the SACCO is financially sound, members may pass a resolution to pursue this avenue. It was also mentioned that individuals wishing to get loans could use their dividends received each month following the groups’ investments.
3) Investments:
The SACCO’s main aim is to encourage members to invest in Kenya through joint ventures in identified projects such as land buying & development and businesses enterprises. Through KENIRES SACCO, members can identify investments through the assistance of Bank and the Co-operative thus ensuring legitimate documentation is provided such as title deeds and PIN numbers. KENIRES SACCO aims to ensure that its members will be in a position to acquire property the group purchases at subsidized amounts in comparison to the prices that will be sold to non-members.
4) Community Empowerment:
An important point raised at the initial meeting was that members should identify programs/ projects/ causes in Kenya that would benefit from the profits arising from the investments some felt that it is our corporate responsibility as Kenyans to try and address social issues. The members can re-visit and discuss this on what to do and who wants to get involved not just in monetary assistance but in skills/ knowledge/ training and any other ways to grow Kenya.
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