Public service vehicle (PSV) Saccos have been challenged to embrace financial literacy and adopt sound business practices to unlock credit to drive their expansion.
Equity Bank Kenya Director and Head of Retail Banking Carol Rutto said while access to finance remains key, long-term growth for transport Saccos will depend on disciplined savings, prudent financial management and investments that create sustainable value for members.
“When PSV owners are well organised, financially skilled, properly insured and able to access affordable credit and cashless payment solutions, everyone benefits through safer roads, reliable transport services, stable jobs and stronger local trade,” said Rutto during the handover of seven vehicles acquired by NAKKONS Sacco in Nyeri County.
NAKKONS Sacco Secretary Timothy Wachiuri said the acquisitions will support the sacco’s expansion plan through savings from fuel and repair cost.
“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. We appreciate Equity Bank for supporting us to acquire them,” he said.
Equity Bank General Manager for the Central Region Stephen Mwaniki said the bank has tailored its asset financing solutions with needs of local transport sector to help them scale up.
“We want them to grow. Supporting small and medium enterprises remains at the core of our business because they are key drivers of economic growth,” he added.
The bank says the latest investment underscores the growing role of Saccos in enabling transport operators to own productive assets, expand their businesses and improve household incomes, even as the sector grapples with rising costs and increased competition.
