Sacco

"Sacco" is an acronym for Savings and Credit Cooperative Organisation. It is not a single company but a type of financial institution owned, governed, and operated by its members for their mutual benefit. Prevalent in many countries, particularly in East Africa (like Kenya), the primary mission of a Sacco is to promote thrift by providing members a secure place to save money and to access loans and other financial services at competitive and fair rates. Members often share a "common bond," such as being employees of the same company, belonging to the same community, or working in the same profession.