Effects of good hope sacco society on members’ economic welfare.

Abstract

Savings and Credits co-operative societies are the main financial institutions in most developing countries like Kenya. They are found in almost all local areas. Sacco societies serve a growing number of both urban and rural poor households. Sacco societies are predominant form of external financing for small and micro enterprises in most of the developing countries. Contemporary studies show that Sacco society’s role towards developing these enterprises is increasing rapidly. Statistics show that there are 10800 registered Co-operative societies in Kenya with a membership of about 6 million. Out of these, 46% are agricultural, 38% are financial-based and 16% are others. 63% of the Kenyan population depends on co-operative- related activities for their livelihood with over 250000 benefiting through direct employment. Sacco societies have been noted to contribute over 45% GDP and it is estimated that at least one out of every two Kenyans directly of indirectly derives from these kinds of co-operatives. The general objective of this study is to access the effect of Good Hope Sacco society towards its member’s economic welfare. In the study, the members of the society will be the focus. The data will be collected by use of questionnaires which will be administered to the selected samples. The data will be analyzed through descriptive methods for easier interpretation and presentation.