PSV Saccos Urged to Boost Savings Culture and Financial Literacy to Drive Growth

Public Service Vehicle (PSV) Savings and Credit Cooperative Societies (Saccos) have been urged to strengthen their savings culture, embrace financial literacy, and adopt sound business practices to unlock affordable financing, build wealth, and improve the livelihoods of their members.

The call was made by Equity Bank Kenya Director and Head of Retail Banking, Carol Rutto, during the flagging off of seven brand-new public service vehicles acquired by NAKKONS Sacco in Othaya, Nyeri County. The vehicles were financed by Equity Bank Kenya as part of the Sacco's fleet expansion program aimed at modernizing its operations and boosting members' incomes.

Rutto said while access to credit remains essential, the long-term success of transport Saccos will largely depend on disciplined savings, prudent financial management, and investments that generate sustainable value.

She praised NAKKONS Sacco for demonstrating the power of collective effort, noting that members had transformed their daily earnings into productive assets through consistent saving and teamwork.

According to Rutto, Kenya's public transport sector plays a vital role in driving economic growth by connecting people, businesses, and markets. She said empowering PSV operators with appropriate financial tools would create a positive ripple effect across communities through improved transport services, job creation, and stronger local economies.

She added that Equity Bank's partnership with transport Saccos goes beyond vehicle financing and includes working capital solutions, savings products, insurance, digital payment systems, investment opportunities, and entrepreneurship training.

Rutto also encouraged Sacco members to strengthen their savings and group guarantee culture, saying consistent saving and mutual support would improve access to financial opportunities while enhancing the resilience and sustainability of the Sacco.

For NAKKONS Sacco members, the acquisition of the new vehicles marks a significant milestone in improving operational efficiency and profitability.

The Sacco's Secretary, Timothy Wachiuri, said members had previously depended on imported second-hand vehicles that were expensive to maintain, consumed more fuel, and frequently broke down.

He said the newly acquired zero-mileage vehicles would significantly reduce maintenance costs, improve reliability, and increase members' earnings, expressing appreciation to Equity Bank for supporting the investment.

Equity Bank General Manager for the Central Region, Stephen Mwaniki, said the financing package had been tailored to suit the cash flow patterns of PSV operators, allowing them to repay comfortably while growing their businesses.

He noted that the repayment schedule takes into account peak business periods, particularly the festive season when transport demand typically rises. Mwaniki emphasized that supporting small and medium-sized enterprises remains central to the bank's strategy because of their critical contribution to Kenya's economic growth.

Beyond financing, he said the bank has also equipped Sacco members with financial management skills to help them operate profitable and sustainable businesses.

The investment highlights the increasingly important role Saccos continue to play in enabling transport operators to acquire productive assets, expand their businesses, and improve household incomes despite rising operating costs and growing competition within the transport sector.