•To be eligible for membership,one has to be a Kenyan currently residing in Canada as Newcomer, Student, Permanent Resident, Dual Citizen or is a Returnee.
•The sacco is the first Sharia-compliant Kenyan Diaspora SACCO, a new benchmark in inclusive financial services.
Image: OZONE
The Pamoja Canada Diaspora Sacco hopes to bridge the gap in financial investment and inclusivity by offering services specially tailored for Kenyans living abroad.
The launch event, which was held in Toronto, was graced by various financial stakeholders including Kenyans in diaspora and representatives from the Kenya High Commission.
Pamoja Sacco representatives expressed its aim to change the diaspora economic atmosphere through inclusivity of the Muslim Community.
The Sacco, which is the first diaspora Sacco to incorporate Sharia laws for clients, is set to be a new benchmark for other Saccos in the region.
Therefore, the Kenyan Muslim Diaspora Community is set to benefit from sharia-compliant products aligned with Islamic financial principle.
The Sharia products will be rolled out effective July 1 2024.
The Sacco further offers diverse models suitable for all walks of life such as main, fixed deposit, young dreamers, emergency or holiday accounts.
To be eligible for membership, one has to be a Kenyan currently residing in Canada as a newcomer, student, Permanent Resident, Dual Citizen or is a Returnee.
Thereafter, the applicant, who must be 18 years or above, must present valid Kenyan documentation such as a passport or Identity card.
The applicant should then pay a membership of Sh15,000 or 150 Canadian Dollars to become a registered SACCO member.
Ambassador Moni Manyange highlighted the importance of investment as well as financial accountability by Kenyans in the diaspora.
“The prosperity of our Kenyan Diaspora in Canada and their strength as a community is a function of their savings and investment in Kenya and Canada,”Manyange said.
Pamoja Canada Diaspora Sacco Board Chair, Ephraim Mwaura, emphasized the need for inclusivity and reiterated the need for solid investment opportunities for Kenyans.
“Pamoja Sacco will pioneer to provide special sharia- compliant products to the Kenyan Muslim community who are often excluded from the existing financial system, "said Mwaura.
“Our ultimate goal is to unlock opportunities and remove all financial barriers to investment and wealth creation for all Kenyans in the Diaspora, ”he added.
Mohamed Abdi,a Kenyan diaspora Muslim leader, expressed his appreciation for the Sacco's efforts in pioneering Muslim inclusivity in the diaspora.
“By addressing the financial needs of its members while adhering to Islamic principles, Pamoja Canada Diaspora Sacco not only fosters financial inclusion but also emerges as a leader in ethical banking for Kenyans in Diaspora, ”Abdi said.