Sacco stands for Savings and Credit Cooperative Society.
A SACCO is a financial cooperative owned and controlled by its members. It provides financial services such as savings, loans, and insurance to its members.
SACCOs are common in many countries, particularly in developing countries. They are often seen as a way to provide financial services to people who may not have access to traditional banks.
Some examples of SACCOs include:
- Kenya Cooperative Creameries Ltd (KCC)
- Kenya Tea Development Agency (KTDA)
- The Cooperative Bank of Kenya
SACCOs are regulated by government agencies to ensure that they operate in a safe and sound manner.
