> the code was working.
> I added a new feature.
> everything stopped working.
> i removed the feature to go back.
> now the old code won't work either.
4 Things that most people ignore about SACCOs
1. Share capital is non-redeemable but transferable
2. Savings in your BOSA account are non withdrawable. Only accessible when leaving the SACCO.
3. To save is to deposit money, to access your money you have to take a loan
4. Most people use SACCOs to access better credit terms compared to banks.
If your goal is not credit oriented, you may fail to appreciate the importance of SACCOs
1. In Kenya, the cost of borrowing is way higher than the return of most asset classes.
The average bank loan is at 15-17% while arguably one of the best returning asset class in Kenya, long term Treasury bonds, can only give you 14%
Hence it makes more financial sense to save up for anything rather than financing it with a loan.
This is because you will be making more money for the bank, than you can make in your investments.
Hence you will be losing money in the long run. Working so hard but only rewarding your bank.