A new platform for local artistes to manage their fortunes

For artistes, when the spotlight shines on them, money comes, and when the light goes off, so does their fortune.

It is this nature of unpredictable flow of income that has pushed some artistes to come up with a Savings and Credit Cooperative Society (Sacco) seeking to empower its members.

Dubbed Sanaa Sacco, the initiative strives to provide its members with a platform to manage their finances as well as secure their future.

According to the marketing manager and assistant secretary to the board, Ms Susan Gatheru, Sanaa Sacco seeks to ensure that the members’ livelihood is well taken care of even in times of low productivity.

“Most of the officials in this Sacco are artistes, so they understand what goes on in the industry, they can relate with it and come up with ideas to ensure a secure future for all members,” says Ms Gatheru who is also an artiste who goes by the stage name Qui.

Formed in December last year and officially launched last week the sacco has 2,000 members already.

“After the launch, we will move to the 47 counties and sign up artistes with various abilities and talents, however, we already have an office in Mombasa,” said its vice-chairman Jeff Kefa.

With a registration fee of Sh500 and a minimum contribution of Sh1,000 per month, the sacco is out to help the beginners as well as the already established artistes across the country.

FAME IS GONE

“We are open to sportsmen, painters, juakali sector, producers, scriptwriters performing arts among others whose incomes are reliant on their talents,” said Ms Gatheru.

The launch of the Sacco comes at a time when some talented Kenyans have been reportedly unable to sustain their lifestyles once the fame is gone.

“I am sure many actors, who live and survive from this profession have it and it’s all gone the next day. Most artists are poor at saving and investing the money they get which is not much to begin with.

“With appearances and the high lifestyle that we have to maintain, having a small financial institution to support your craft is paramount,” notes actor Gerald Langiri.

According to Mr Langiri, Kenya is undeniably one of the best locations for film shooting.

“We happen to also have a unique blend of gifted actors, script writers and directors whose talent is to be well received anywhere in the world. This has been proven with the great performance by our very own Lupita Nyongo.

“Many more need to be exposed to other markets and platforms and we seek to provide those links,” he adds.

FINANCE IDEAS

Sanaa sacco, also helps finance its members’ ideas and help them achieve their dreams.

“If they allow us, we work with them to identify players in their particular line of production to that ensure they get it right.

“This will not only ensure that our member breaks through, but also ensures we have a sustainable solution to the challenges we face every day as artistes,” said Ms Gatheru.

Several saccos have over time been springing up trying to finance its members.

For instance, Waumini Sacco, a savings and credit co-operative society registered in 1980 draws its members from the employees of Catholic organisations in Kenya.

According to its website, it currently has over 9,500 members drawn from over 500 Catholic organisations in the 26 Catholic Dioceses in the country.

BODABODA SACCO

Similarly in March this year, bodaboda cyclists formed a sacco dubbed Oloepi Bodaboda cyclists sacco society limited with the aim of looking into its members’ welfare.

Apart from giving loans and guiding its members in their career paths, Sanaa sacoo has also partnered with various companies to enable them provide additional benefits to its members.

“We are working with CIC Insurance and Resolution Health to provide insurance services and health cover respectively,” Mr Kefa said.

The vice-chair also revealed plans to enable sacco members own houses. “We are currently working to get the ideal partners to enable us provide housing to our members,” Mr Kefa added.

The society is also currently working with the ministry of Sports as its main sponsors and its sharing vision with relevant authorities. “This is a big dream that needs a lot of attention and support because arts are dynamic. We need to accommodate these artists,” Ms Gatheru noted.

LICENSE FOR A TV STATION

Sanaa sacco currently has a license for a TV station which it intends to use as a platform to promote the work of its members. The entire industry is regulated by an authority whose mandate is to benchmark Saccos with the best run credit unions in the world.

It also seeks to build a top notch Sacco sub-sector able to meet ever changing member demands through prudential regulation.

According to Sacco Societies Regulatory Authority the introduction of prudential regulation for Sacco societies was an important step in main streaming the industry into the formal financial system.

“It is a means of enhancing governance in the industry by improving transparency, integrity and accountability in the management of Sacco businesses thus improving the financial soundness of the subsector,” Mr Peter Gakunu in an earlier interview.