The case of G-iinue Youth Enterprise Sacco

Shared from giinueyouthenterprisesacco.blogspot.com

Introducing you to G-IINUE Youth Enterprise Sacco.

A simple group was constructed decades ago by simple farmers in a certain place called Kangema in Muranga. At that time, there were no liberalized financial institutions and the few that existed were found in major towns. It happened that after every harvest time, farmers would get paid handsomely by the local tea and coffee factories. Woe unto them, the only bank they were would keep their money was kilometers away. Its told that many of them "stored" their hard earned currencies in their houses.

In every case of scarcity, there is a tendency of entrepreneurs rising and this is what happened in Kangema. A group of farmers came together to form a Group where members would open accounts and deposit their money and the Group would later deposit the collection in the nearest bank in Muranga Town. Years later the group decided to give loans to their members which they would invest into their farms through farm inputs like seeds and fertilizers among other agricultural inputs. Of course they would pay back at a certain interest which would be ploughed back to the group. With years the group registered as a Society in Muranga. It then expanded to nearby Towns with the recognizable name of Muigananie meaning one that makes all equal. In 1984 it was called Equity Building Society and with time transformed itself into a Micro finance.

  

Thats what Muiganania literary did through loans to farmers to boost their Agricultural production which is the backbone of Central province. This it did though cheap loans with less or no restrictions in terms of collateral. Whereas many commercial Banks were turning farmers down when it came to loans, Equity was taking them under its wing with cheap repayable loan, friendly service and personnel support. Within years the Sacco had to grow, and this it did with a bang that caused shivers to the existing banks. Equity Bank came into being and with it came a realization of many peoples economic dreams that can take years to narrate.

Today, we have the Equity Bank Group the most popular and recognizable Bank in Kenya. Matter of fact Equity Bank trophy cabinet is full of awards won over the year, both in the domestic and international banking sectors. In terms of customer base, Equity Bank leads the team with more than 50% n banking Kenyans having accounts with the bank. I can say with accuracy that every town in Kenya can boost of an Equity Bank Branch. To consolidate its hold in the Kenyan banking sector, Equity Bank has initiated the Equity Agents program. Most of the Banks that existed when Equity was starting as a small Sacco are in turn adopting products that have already been tested by Equity.. Equity is simply a trailblazer in Kenya. This name shows how dreams, collective sharing ,saving and entrepreneurship can translate dreams into financial success.

The journey that Equity took to become the giant it is today is not an every day event. This is a journey taken by risk takers who believe in empowerment and coming together. That story is being replicated in Nairobi and Thika and will form the backbone of what you will periodically read here. This is a journey of Youth empowerment through efforts undertaken by young people who believe that their fate lies squarely on their able hands. People who believe in consolidating their potential through a Sacco that will provide products to push them to the next step in the ladder of financial independence. Thats what I will be sharing with you day after day, the good work of G-iinue Youth Enterprise Sacco.
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