EFFECT OF CREDIT POLICY ON FINANCIAL PERFORMANCE OF SAVINGS AND CREDIT CO-OPERATIVE SOCIETIES IN KAKAMEGA COUNTY
Abstract
Credit management is an important issue in any organization since most business operations are based on credit terms agreed by both parties. This is because without a proper management of firm’s credit components, it is difficult for the firm to run its operations smoothly. A range of challenges affects SACCOs because most of their clients earn a modest income. As a result members default paying the loans disbursed to them. The purpose of this research was to determine the influence credit policy on the financial performance of SACCOs in Kakamega County. Dependent variable was financial performance of the SACCOs. The study employed descriptive research design. Structured questionnaires were used as the instruments for data collection. The sample size was 99. The study employed purposive sampling technique in identifying the SACCOs and the respondents from the sampled SACCOs. Data was analyzed and presented with the aid of statistical package for social sciences (SPSS). The findings indicated that credit policy significantly affect financial performance. In order to recover cash lost the management should take key issues on customer assessment and evaluation. The SACCO management should develop credit procedures, policies and analytical capabilities.
Key Words: Credit Policy, SACCOs, Collection policy, Credit period policy
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