Public service vehicle (PSV) 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 flag-off of seven new public service vehicles acquired by NAKKONS Sacco in Othaya, Nyeri County.
The vehicles, financed by Equity Bank Kenya, form part of the Sacco’s fleet expansion programme aimed at modernizing its operations, improving transport services, and increasing members’ earning potential.
Speaking during the event, Rutto said that while access to credit remains vital, the long-term success of transport Saccos depends on disciplined savings, prudent financial management, and investments that generate sustainable value.
“We are here to celebrate what becomes possible when people come together with a shared purpose. 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.
She noted that Kenya’s public transport sector plays a crucial role in driving economic growth by connecting people, businesses, and markets. According to Rutto, equipping PSV operators with appropriate financial solutions benefits not only transport businesses but also the wider economy.
“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,” she added.
Rutto explained that Equity Bank’s partnership with transport Saccos extends beyond vehicle financing to include working capital facilities, savings products, insurance services, digital payment solutions, investment opportunities, and entrepreneurship training.
She encouraged Sacco members to cultivate a strong savings and group guarantee culture, noting that consistent saving and mutual support improve access to financing while strengthening the resilience of cooperative societies.
“As members continue growing their transport businesses, they should also build a strong savings and group guarantee culture. Saving consistently and supporting one another enables members to access more financial opportunities while strengthening the resilience of the Sacco,” she said.
For NAKKONS Sacco members, the acquisition of the new fleet is expected to improve operational efficiency and reduce maintenance expenses.
The Sacco’s Secretary, Timothy Wachiuri, said members had previously relied on imported second-hand vehicles that frequently experienced mechanical breakdowns, consumed more fuel, and attracted high repair costs.
“These vehicles belong to our members. The difference is that they are brand new and 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. We appreciate Equity Bank for supporting us to acquire them,” Wachiuri said.
Equity Bank General Manager for the Central Region, Stephen Mwaniki, said the financing package had been structured to match the cash flow of PSV operators, enabling them to repay their loans comfortably while expanding their businesses.
“We want them to grow. The repayment period has been designed in a way that enables members to service their loans comfortably, particularly as we approach the festive season when business is expected to improve. Supporting small and medium enterprises remains at the core of our business because they are key drivers of economic growth,” he said.
Mwaniki added that the bank has also invested in financial literacy programmes to equip members with the skills needed to manage profitable and sustainable transport enterprises.
The latest investment highlights the growing role of Saccos in enabling PSV operators to acquire productive assets, expand their businesses, improve household incomes, and strengthen Kenya’s transport sector despite rising operating costs and increased competition.
