Sacco interest rates remains at 12% annually, come hurricane or heat-wave, rain or sunshine. That translates to 1% per month on reducing balance. Co-op bank should have adapted the same model and it would have whipped all the other banks hands down in profit making.

For instance, those who take loans from Saccos would be their customers.

Nordic countries prospered under co-op movements. They are today the richest region culturally, lifestyle, security and lifespan due to less stress.

Ever found out what Banks in Western countries charge for loans given out? You will find it does not go above 4% in most cases. We need to know why the opposite happens in Kenya, 25% interest rates currently from Equity bank is horrendous. (See yesterdays standard pg 42)

Am also told that for them to change it touches on being a matter of changing their 'constitution'/sacco Act as it states 1% monthly...Thanks

The 12% interest is not in any Sacco Act or constitution.The Board can decide to vary it...but why would they want to do that when its the main selling point?Plus they are elected and this would make members unhappy.
You will notice the smaller loans have higher interest rates though.And as GG said...unless externally borrowed,the cost of funds was zero....so 12% is still quite profitable.

I like Sacco loans for buying shares especially now the market is down that 1% per month interest is quite manageable my last borrowing was in August and used the loan to buy Sasini, KCB and Uchumi and so far so good.