Page 53 - Issue 48_press_efile

EXPERTS LOUNGE
The wealth of a SACCO Society consists of its reserves and
not members shares and deposits which are liabilities. SACCO
Societies are mere custodians of members’ wealth in this regard.
Wide acceptability of money as a medium of exchange makes
it possible to be used as a store of wealth. Members of SACCO
Societies can store their wealth say in buildings, land or herds
of cattle as pastoralists do. All these assets face the danger of
being destroyed in one way or another by force of nature like
fire or diseases. Funds saved by members in well managed
Societies are safe and with prospects of growth.
Despite this, the value of money can be eroded away by inflation
through reduction of its purchasing power. Those charged with
managing SACCO Societies should ensure that members are
compensated by steady growth in the reserves of their Societies.
The growth of modern economies at personal, national or even
international level revolves around credit through which a
consumer is enabled to gain access to goods/services now and
pay later. The payments made later are referred to as deferred
payments.
Business community accepts money for deferred payments
because money can withstand and outlive all destructive forces.
Moreover use of money for paying future debts enables the
parties involved, the lender and the borrower, know in advance
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PUBLIC ANNOUNCEMENT
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the certainty of their obligation. A good example is when a
SACCO Society gives a loan to a member. The member knows
in advance his/her financial obligation and the Society knows
what to expect under the deal.
The function of money as a measure of value, storage of wealth
and means of deferred payments enables a SACCO Society’s to
enhance the economic and social development of members. It’s
not a wonder therefore that KUSCCO‘s promotional rallying call
during the youthful stage of the SACCO movement in Kenya was
“Save regularly, borrow wisely and repay promptly.”
To be medium of exchange money must be widely acceptable.
For a long time, the American dollar has been the most
acceptable money worldwide, other currencies such as the
Sterling pound, Euro, Japanese Yen and Chinese Yuan are also
widely used. It must also be durable to serve as a store of wealth
and portable for easy handling a problem which has been taken
care of by “big” bank notes and modern electronic transfer of
funds. As a medium of exchange, it must be divisible to solve
the problems experienced in barter trade. Above all, it must be
rare. Too much of it can be a cause of inflation.
In my next article, I will discuss the historical background of
money, the evolution of the banking industry, creation of money
and how the SACCO Societies “create” money.
Simplify Lives Digitally
Our innovative solutions include:
? ERP - Microsoft Navision (Support, Implementation & Upgrade)
? Microsoft Dynamics CRM
? System Integrations via eConnect ESB - IPRS, CRM, MNO’s, etc
? Digital Channels: Mobile Banking, Agency Banking & Internet
Banking Solutions
? Digital Lending – Micro and Nano Lending platforms
? Payments and Aggregation Services
? BOSA & FOSA Automation
? ICT System Audit and ICT Strategy development
? Human Resource & Payroll Management System
51| SACCO Star Magazine