Human life finds relevance and significance with the prospect of waking up to accomplish a task
making the working person happy and fulfilled. Retirement brings loss of previous position held
at work hence low self-esteem which leads to depression and premature death among retirees.
Laptrust together with Laptrust Pensioners Association established LAPA Sacco in May 2010 to eliminate pensioners’ requests for advance pension payments. The Sacco was to facilitate
savings and to provide affordable credit to the members. With a Vision to promote financial
freedom and alleviate old age poverty among pensioners, the Sacco has grown to $ 130,000
with a membership of 452 of the 5,000 pensioners.
Pensioners earning $33 monthly and above are eligible to join. With a minimum monthly
contribution of $5 a member may after six months of joining, borrow up to three times their
savings. The loan is repaid within five years at a monthly interest rate of 1% on reducing
balance. Using the loans pensioners engage in productive socioeconomic activities like farming,
retailing, financing existing businesses and land buying.