Saving and Credit Cooperative Society is a group of people who have common bond, live in the same community or society save money together and lend it to one another at agreed interest rate, time and conditions. It is a democratic, unique member driven and self-help union (Marcus, Beth & Caroline, 1999).SACCOS also defined as a legal entity established by the voluntary membership of private or public for the purpose of depositing their savings and providing credits to its members (URT, 2004)
Savings and Credit Cooperatives Societies (SACCOs) have been established to serve people who were lagging behind by classical financial system to meet their basic human needs.