Understanding Inua Sacco

Inua Village SACCO- Lift a Village Savings and Credit Cooperative Society- was conceived with the same vision that drives Inua Village to Global Foundation and Inua Village Textile Industry Limited: a commitment to serve rural communities more effectively. IVSACCO plays a pivotal role in advancing individuals who have already undergone transformation, propelling them towards further growth and development.

Educating individuals who have never saved before requires meticulous planning, ample resources, and a robust infrastructure. Similarly, guiding them towards investment and wealth creation, providing adequate resources for sustained self-reliance, is a lifelong endeavor.

In 2019, the table banking initiative under Inua Village to Global Foundation saw exponential growth, culminating in over 300 groups with more than 6000 USD mobilized in less than a year. While this was a cause for celebration, it also brought to light the increasing risk for group members. The Foundation found itself lacking the capacity to oversee these groups and faced the potential of being held responsible if borrowing members were unable to repay their table banking savings.

Thus, the Foundation began the process of restructuring the table banking system, aiming to steer it towards regulation and a more structured institution. In March of 2022, Inua Village SACCO achieved registration with the Department of Cooperatives as a Savings and Credit Cooperative Society in Vihiga County.

Our members

Our membership includes staff from Inua Village to Global Foundation, Inua Village Textile Industry, and the SACCO, as well as parents and community members who reside in proximity to Inua Village Schools and benefit from the organization’s impact.

To become a member:

  • Non-refundable membership registration fee of 500 KES
  • Purchase a minimum of 10 shares at 100 Shillings each (1000 KES)
  • Obtain a membership booklet for 200 KES
  • Maintain a minimum monthly savings of 300 KES.

Our Products and Services

Inua Village SACCO offers customized solutions to address everyday household needs at the community level. Members provide guarantees to one another for loan applications, with an interest rate as low as 1% per month. Once trained in financial literacy and credit management, members can access the following products:

  1. Normal loan – up to three times their savings
  2. Emergency loan – typically up to half of the member’s savings
  3. Education loan
  4. Kilimo loan – usually provided during the farming season to purchase agricultural inputs
  5. Benevolent fund – an option for members to enroll in.

Our Team

Inua Village SACCO is governed by a 9-member Management Committee, comprising a Chairman, Vice Chairman, Treasurer, Honorary Secretary, and five members, all elected during the annual general meeting. The Management Committee appoints a SACCO manager who in turn assembles their implementation team.

Audit and Accountability

In addition to reporting at the Annual General Meeting, Inua Village SACCO is accountable to the Cooperatives Department in Vihiga County and has engaged a County Government auditor as its primary auditor.

How to Save

Members can save through their mobile phones using PayBill number 400222, with the Account Number as 200187#Member’s Name. As of last year, IVSACCO had mobilized over 500,000 KES in savings and issued over 300,000 KES in loans.

INUA VILLAGE – MY SAVINGS, MY PROSPERITY