Public service vehicle (PSV) Saccos have been urged to strengthen their savings culture and improve financial management to help members access affordable financing, expand their businesses and improve incomes.
The call was made during the launch of seven new public service vehicles acquired by NAKKONS Sacco in Othaya, Nyeri County, as part of efforts to modernise its fleet.
Speaking at the event, Equity Bank’s Director and Head of Retail Banking Carol Rutto said access to credit alone is not enough, adding that long-term growth depends on disciplined saving and prudent financial management.
“NAKKONS Sacco has demonstrated what collective effort can achieve. Through discipline and a strong savings culture, members have transformed their daily income into productive assets that will strengthen businesses and improve transport services,” she said.
Rutto said well-managed transport Saccos can improve access to affordable credit, insurance and digital payment solutions while creating more stable businesses for their members.
NAKKONS Sacco Secretary Timothy Wachiuri said the new vehicles will help members cut operating costs by replacing older second-hand units that were expensive to maintain.
“These vehicles belong to our members. They are brand new and have zero mileage. The used vehicles we previously purchased were expensive to maintain and consumed a lot of fuel. These new vehicles will reduce maintenance costs, improve reliability and enhance members’ earnings,” he said.
Equity Bank General Manager for the Central Region Stephen Mwaniki said the financing was structured to match the cash flow of PSV operators, allowing members to repay their loans while growing their businesses.
He added that the bank had also provided members with financial management training to help them run sustainable enterprises.
The investment highlights the growing role of Saccos in helping transport operators acquire vehicles, expand their businesses and improve household incomes as the sector faces rising operating costs and increasing competition.
