2015 was a year of multiplication for DOVE Springs SACCO (Savings and Credit Cooperative). Membership nearly doubled in just one year, with 104 new members added to bring the total to 214.
DOVE Springs SACCO, a combined effort of Springs of Africa and DOVE Africa, aims to enhance economic stability, prosperity and quality of life through providing efficient investment and credit opportunities for its members. The society seeks out ways to build successful models of cooperative economic empowerment.
In addition to teaching members on the importance of saving, the society encourages members to take low-interest loans that can be used for income-generating pursuits. Members have the added advantage of reaping dividends when the society realizes a suplus.
Becoming financially stable is a major need and also great challenge for many families in the African context. DOVE Springs Sacco operates not only in Kenya, but has also extended to Uganda and Congo – within the DOVE network – to help empower those who participate in the program.
Besides doubling membership in 2015, the number of loans given out to members also doubled. In total, Ksh 1.9 million ($19k) was released to members in loans in 2015, supported by the Ksh 2.35 million ($23.5k) that was collected from members’ contributions as well as additional donations from partners. All that results in a vibrant and growing enterprise that holds great promise for the future.
After what seemed like a slow start in 2012 and several difficult years, the sponsoring organizations are thrilled with this tremendous progress. The SACCO model is sustainable, the vision commendable, and the results in the economic status of members are very encouraging.
Angela Kung’u, loans officer with the SACCO, comments on this amazing progress by saying “We are happy that whenever a member applies for any loan from our SACCO, he or she gets it efficiently without delay unlike other financial institutions.”
In conclusion, DOVE Springs SACCO looks forward to a successful financial year ahead.
By: Diane Omondi