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Saccos key in driving savings culture in Kenya

Saccos key in driving savings culture in Kenya

The country like most African states has been suffering from chronic low savings rates, primarily attributed to financial illiteracy.

With a population of approximately 50 million people, only 38 percent of Kenyans are financially literate.

The government has identified the Saccos movement as a key driver in boosting Kenyans' savings culture.

This is among Kenya Kwanza's plan to set up a local pool where the government can borrow to meet its obligations.

The country like most African states has been suffering from chronic low savings rates, primarily attributed to financial illiteracy.

A Global Financial Literacy Survey showed that Kenya has alarmingly low financial literacy levels.

With a population of approximately 50 million people, only 38 per cent of Kenyans are financially literate.

In an effort to change this culture, Deputy President Rigathi Gachagua said Kenyans should embrace a saving culture, to cushion the government from foreign borrowing.

“We want to enhance the saving culture in Kenya so that we borrow our money as a country from our own savings. In the past, we have been borrowing money from foreign nations whose citizens have saved yet here we were not saving,” said Gachagua.

https://www.the-star.co.ke/business/kenya/2023-07-03-saccos-key-in-driving-savings-culture-in-kenyagachagua/

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