For just sh. 100, Mia Afrika Sacco creates an avenue for young businesses to grow.

Chairman and CEO of Mia Afrika Sacco Ltd Mr. Sam Chege popularly known as MC Sam.
To majority of the people, Sh. 100 may seem very little money to do any substantial development or growth but to one Sam Chege popularly known as MC Sam who is the Chairman and CEO of Mia Afrika Sacco Ltd, he saw an untapped potential.

Mia Afrika Sacco Ltd is a savings and credit institution that allows its members to save as little as sh. 100 daily for an intended project in future.

The idea of setting a daily deposit of Sh. 100 was informed by the need to accommodate low-income earners such as the mama mbogas, egg hawkers, shoe shiners and other small businesses that find it difficult to raise the amount of money demanded by available Saccos locally.

“Sometimes ago, I had a one-on-one chit chat with a street vendor who was selling boiled eggs to construction workers and he made me view the idea of saving very differently. He narrated to me of how he struggled to raise capital to buy a trolley for use in his business, something that hindered his growth,” explains MC Sam.

According to the vendor, it was very hard to save Sh. 2,500 required to buy the trolley he needed since he could not fit into any of the available Saccos locally due to their terms and conditions.

“He told me that most of them required him to register with sh. 2,000 and have monthly contributions that didn’t match his earnings,” he adds.

It was from their conversation that the idea of Mia Afrika Sacco Ltd. was born a name derived from the least amount one can contribute as a member.

“To join the Sacco, one is required to pay Sh. 300 registration fee and start depositing at least Sh. 100 daily which translates to about Sh. 3,000 per month. The members also have a chance to own the Sacco by buying shares,” says Sam.

Sam says that the main objective of this Sacco was to enable people who have little income to save and access credit facilities to boost their livelihoods. He adds that his idea basically seeks to promote a culture of pooling savings in very small amounts on a daily basis so as to make possible to as many people as possible to be able to save for a particular project.

Other products.

Mia Africa Sacco offers loans to its members to up to three times their savings at an interest of 1% reducing balance.

The Sacco also have other lucrative products such as the ‘Anza Biashara Saving Plan’, ‘Elimu Tayarisha Savings Plan’, ‘Inua Biashara Savings Plan’ and “Pata Kifaa Savings Plan’.

Anza Biashara Savings Plan is a package that offers business startups with instant loans of between sh. 3,000 and sh. 10,000 to start business of their choice.

“Here we jump-start business startups with some quick capital without any collateral. However, before we do so, we sit down with the member and discuss with them how they are going to repay this money. We also ensure that the money is strictly spent on the intended purpose to avoid misuse that eventually lead to default in repayment,” explains Sam.

The Pata Kifaa savings Plan is similar to Anza Biashara Savings Plan but targets young startups who had trained in a particular skill but have been hindered by the lack of the requisite equipment to jumpstart their business venture.

In this package, Mia Afrika Sacco buys the equipment for them and guide them on how to save and repay their loan.

The Elimu Tayarisha Plan is an education package where parents save money for a given time with a 
view to eventually withdraw it for their children’s school fees.

At the moment, the management is targeting mostly the resident of Kamenu Ward in Thika where the Sacco Offices are located (opposite Smiles near the Kamenu stage in Makongeni). However, it is open to any resident of Thika whose vision is to save money for a particular project in future.

“What I can assure all our members is that their Sacco will always walk with them all the way. Members’ relationship is very key to our business and we endeavour to be part and parcel of their growth,” concludes the chairman.

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