Chaoba sacco has rolled out an initiative to empower bodaboda riders, women in business, the youth and individuals with special needs in Siaya County.
The members, drawn from different Wards within Siaya County comprise majorly of bodaboda riders, women in business, the youth and individuals with special needs who identified their needs and jointly came together under the patronage of Chaoba sacco.
Over 3200 beneficiaries of the sacco made an outstanding display on Saturday May 17, 2025, bringing Siaya town to a brief stand marked by men, women, the youth and vulnerable individuals each riding on a brand new motorbike or simply showing up to elicit the strength in unity of purpose in a maiden trip.
In a slow but calculated move, they made their way from their branch office located on Kisumu-Siaya road, opposite Bama hospital and took their first turn at Mwisho-Mwisho junction before making their first stop along the Siaya-Ugunja road to sensitize the curious onlookers on financial literacy.
They repeated this pattern through most streets within the town before making a grand entry at their 7th annual general meeting venue at their Siaya branch.
They say they were inspired by the power of unity of purpose, their individual will and as a result, were relieved of the high interest rates from most financial institutions.
“Most banks ask for collateral among other securities with high interest rates which most of us at the grassroot level are not able to meet and therefore, cutting off most of us from loans,” Joseph Akumu, a bodaboda rider said.
“This is why we organize ourselves into this outfit and today, most of us are empowered and relieved of the high interest rates from the banks,” he added.
According to Kenya Bureau of Statistics on the economic survey 2025, loans to the private sector improved by Ksh84.24 billion occasioned by improved confidence and favourable interest rates.
The total regulated sacco assets grew by 11.21%, soaring from Ksh971.96B to Ksh. 1,090.87B in just one year.
Members are now calling on the government to invest in saccos across the country, boosting their capital, as a strategic way to ensure economic growth at the grassroot level.
“We appeal to both levels of government to consider working with registered saccos across the country to not only boost their capital but also ensure direct economic empowerment within villages and right at the grassroot,” Dan Adino, chairman of Chaoba sacco said.
“We started at the capital city of Nairobi but have since cascaded to Siaya county and are looking up to scaling up to more counties across the country including Homa Bay, Migori and most western counties,” he added.
In 2025, the Central Bank of Kenya set the Central Bank Rate(CBR) at 10.00% as of April 8, 2025.
This has influenced commercial bank lending rates, with some banks reducing their rates.
However, not all banks have fully passed on the benefits of lower CBR to their customers.
