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Jemshah
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Asked: 2023-01-26T14:26:50+00:00 In:

reasons that have led to the increased popularity of savings and cooperative societies among Kenyan employees. (8 marks) Oct/Nov, 2022

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Explain four reasons that have led to the increased popularity of savings and
cooperative societies among Kenyan employees. (8 marks)
Oct/Nov, 2022

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    1. Access to credit: Savings and cooperative societies provide access to credit for members, which can be helpful for those who may not have access to traditional forms of borrowing.
    2. Low-cost savings options: Savings and cooperative societies often offer low-cost savings options, which can be attractive to employees who are looking to save money.
    3. Sense of community: Being a member of a savings and cooperative society can provide a sense of community and belonging, which can be appealing to employees.
    4. Trust and reliability: Savings and cooperative societies are often run by members, who have a vested interest in the success of the society. This can lead to a sense of trust and reliability among members.
    5. Informal savings: Savings and cooperative societies offer a way to save money informal and less formal way that can be more accessible to people than traditional banking institutions.
    6. Financial literacy: Savings and cooperative societies often provide financial education and literacy programs to members, which can help employees better manage their money and make informed financial decisions.
    7. Convenience: Savings and cooperative societies often have a network of branches and agents that make it easy for members to access their services, which can be more convenient than traditional banking institutions.
    8. Risk sharing: Savings and cooperative societies allow members to pool their resources and share risks, which can be beneficial for employees who may not have the resources to invest or take on financial risks on their own.
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