Harnessing The Power Of Table Banking, Transforming Kenya’s Investment Culture
Table banking has become increasingly popular in Kenya as a platform that allows both unemployed and employed workers to make more money through group investments. It is a system that enables people to contribute money weekly or monthly towards investments, allowing them to earn dividends within the group. This system has been widely adopted by people of different professions, friends, and even those residing in the same area.
The table banking process starts by forming a group, known as a ‘Chama,’ with a system that is strictly followed. The groups govern themselves by selecting a group leader, secretary, and treasurer, who are responsible for tracking the flow of money in and out of the group. The system has a set of rules and regulations, including fines for not attending meetings, getting late to meetings, and late loan repayment.
Benefits of table banking:
- It offers an opportunity for low-income earners such as hawkers or housewives to invest their money smartly and earn more.
- It helps individuals and businesses avoid loans and lack of finances, allowing them to invest in their ventures.
- Table banking enables members to have a financial safety net, ensuring they have money when they need it the most.
- It provides an excellent platform for networking, allowing members to share ideas and connect with like-minded individuals.
- It encourages discipline and accountability among members, promoting financial responsibility and prudent spending habits.
Kenyans have reaped significant benefits from table banking. It has provided a platform for low-income earners to invest and earn more money. Additionally, it has helped businesses grow, and individuals have been able to make significant investments, which would have been impossible without the group’s support. Table banking has also facilitated financial literacy, teaching members about the importance of saving, investing, and prudent financial management.
Table banking is an excellent system that encourages discipline, accountability, and financial responsibility among members. It has helped low-income earners, businesses, and individuals to grow and prosper, making it an attractive investment platform.
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