Market News

New security guards’ sacco plans to give out loans

Security guards during Labour Day celebrations at 64 Stadium in Eldoret town on May 01, 2017. FILE PHOTO | NMG
Security guards during Labour Day celebrations at 64 Stadium in Eldoret town on May 01, 2017. FILE PHOTO | NMG 

A year-old savings and credit co-operative society (sacco) for private security guards has announced plans to start giving members loans.

The National Service and Walinzi Sacco Society has over 1,000 members. The sacco draws membership from the private security industry, which has over 500,000 employees.

It was incorporated in January last year under the Co-operatives Societies Act Cap 490 with an eye on providing “affordable financial services to private security industry workers and the unbanked members of the national service.”

“We have begun a transformational journey to improve living standards of our security service men, giving them financial power to allow them focus on their mandate of boosting security for private properties and the country at large,” said its chairman, Isaac Andabwa, in a statement.

Kenya’s private security sector is one of the biggest employers but most of its members earn low salaries and don’t have other benefits.