<p style="text-align: justify;">In a rapidly evolving financial landscape, SACCOs are re-imagining their role—not just as savings institutions, but as empowerment hubs for the next generation. Our site administrator Daniel Imfa speaks with MUDI SACCO Chief Executive Officer Mrs. Treza Tsiga Magreta to shed more light why youths joining a Savings and Credit Cooperative Society (SACCO) is a compelling option that every SACCO leader should consider. </p>
<p style="text-align: justify;"><strong>Note : DD</strong> refers Daniel Imfa and <strong>TTM</strong> refers to Mrs. Treza Tsiga Magaleta </p>
<p style="text-align: justify;"><strong>DD: What inspired your SACCO to create a specific savings account targeting the youth?</strong></p>
<p style="text-align: justify;"><strong>TTM:</strong> In today’s dynamic economic landscape, young people face numerous financial challenges. They often grapple with student loans, rising living costs, and the pressure to save for future goals, these are some of the reasons that motivated the development of youth specific savings products at my institution. In addition, the SACCO Philosophy advocates for financial inclusion, so I believe that if the child is trained properly while young he/she will not depart from the word in his old days. Surely savings made today will support their financial stability in future.</p>
<p style="text-align: justify;"><strong>DD: Why should young people open a savings account in a SACCO instead of a commercial bank?</strong></p>
<p style="text-align: justify;"><strong>TTM:</strong> SACCOs generally offer better monthly returns than the commercial banks, this is mainly due to competitive interest rates, lower service fees, personalized service, member ownership and community involvement. As a country, we have a number of public youth targeted grants, the youths that are already saving with institutions like a SACCO have better chances of qualifying for such public grants and subsidized loans. Regular workshops and mentorship on budgeting, investing, and saving is another unique knowledge that the youth acquire by joining SACCOs than commercial financial entities.</p>
<p style="text-align: justify;"><strong>DD: What is inspiring the youth to open a savings account in MUDI SACCO?</strong></p>
<p style="text-align: justify;"><strong>TTM: </strong>You will agree with me that inspiring youth to save for the future isn’t just about teaching financial habits — it’s about sparking a mind-set shift. I have deliberately taught my staff that every time they are helping or dealing with the youth they should make It personal and relatable by using real-life stories of young people who have achieved goals through saving—like starting a business or paying for school. By highlighting such stories the youths are motivated to open the savings accounts so that one day they could also achieve big dreams. Secondly our youth savings accounts have low barriers to entry. Thirdly as I indicated earlier on, MUDI SACCO is offering competitive interest rates, good Service Delivery which makes the youth feel valued each time they visit the SACCO offices and lastly you can separate today's youth from technology - MUDI's continuous Innovation culture is adding spice to the youth recruitment strategy in place where the youths are able to open accounts via mobile apps or websites</p>
<p style="text-align: justify;"><strong>DD: What incentives or benefits do MUDI SACCO offer for youth savings accounts?</strong></p>
<p style="text-align: justify;"><strong>TTM:</strong> All the youths that we have recruited so far have been subjected to financial literacy workshops and mentorship on budgeting, investing, and saving. We also do offer competitive interest on their investments, all our services to the youth have got zero charges but more importantly is the fact that their Savings supports a community, not just for corporate profits.</p>
<p style="text-align: justify;"><strong>DD: What is your advice to SACCOs in encouraging a savings culture among the youth? I mean is there any benefit in attracting youth to be SACCO members!!</strong></p>
<p style="text-align: justify;"><strong>TTM:</strong> If SACCOs are to remain in business in the foreseeable future then the route is to focus on the youth, SACCOs should invest in financial literacy awareness programs. SACCOs should have deliberate policies on offering youth-specific accounts with low minimum deposits and attractive interest rates. While community engagement through partnerships with schools looks expensive, it gives an edge in terms of youth recruitment. SACCOs should continue providing digital tools that are youth friendly like mobile banking apps and also coming up with reward programs that incentivize youths to save.</p>
<p style="text-align: justify;"><strong>DD: How does a youth savings account contribute to long-term financial stability of MUDI SACCO?</strong></p>
<p style="text-align: justify;"><strong>TTM:</strong> It provides a foundation for long term savings which eventually boosts the SACCOs liquidity. It also provides financial independence which eventually enables the youth to graduate into ordinary members and I believe MUDI is on a good path in achieving loyalty, informed and confident membership from the youths through the financial literacy programs which build financial discipline in them. All the trainings we are giving out will not go in vain, probably you know that if you have educated members they are more likely to engage consistently, make sound financial decisions, and advocate for the SACCO.</p>
<p style="text-align: justify;"><strong>DD: What is your advice to parents or guardians in encouraging young people to save?</strong></p>
<p style="text-align: justify;"><strong>TTM:</strong> The word of God is very clear that we should continue training them whilst young so that they shall never depart from it. The saving culture needs to be inculcated in the youths at a tender age and they will make it a life style. Parents should never get tired in leading by example by showing their children the importance of saving, having open discussion about the savings with their children, helping them set savings goals and ensuring that those goals are met, rewarding their efforts when they save so that they keep motivating the children to save and finally finding role models for them by picking real life models that they can easily relate with them.</p>
<p style="text-align: justify;"><strong>DD: Your final words in closing my engagement with you.</strong></p>
<p style="text-align: justify;"><strong>TTM:</strong> What will SACCOs benefit by keeping membership with 40 years and above average age, the time is now to start&nbsp;<strong>focusing</strong> on the young generation as youth accounts often lead to family-based membership growth, as parents and guardians introduce children to SACCOs. Youth savings initiatives are more than just financial products—they are strategic tools for social impact and institutional sustainability. Continued innovation, policy support, and youth engagement will be essential to scale these efforts and ensure that every young person has the opportunity to build a secure financial future. This creates a multi-generational financial ecosystem, reinforcing SACCO stability.</p>
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