In Summary
  • Kenya's sacco movement is ranked the best in Africa and the seventh best globally with an asset base of more than Sh1 trillion.
  • The President issued the directive at the Kenyatta International Convention Centre in Nairobi during celebrations to mark the 97th International Cooperative Day.
  • He also called for fast-tracking of the process of establishing a central liquidity facility which will enable saccos to participate in the national payment system and to come up with more innovative products for members.
  • President Kenyatta said, however, that he was disappointed with the performance of the Kenya Planters Cooperative Union (KPCU) and the Kenya Farmers Association (KFA). He asked the ministry to restructure them.

President Uhuru Kenyatta on Saturday ordered the Trade ministry to immediately operationalise the proposed Sacco Societies Fraud Investigation Unit (SSFIU) within the Sacco Societies Regulatory Authority (SASRA).

The President issued the directive at the Kenyatta International Convention Centre in Nairobi during celebrations to mark the 97th International Cooperative Day.

Mr Kenyatta lauded Kenya's cooperative movement for the invaluable role it plays in the country’s progress. The movement is ranked the best in Africa and the seventh best globally with an asset base of more than Sh1 trillion.

To enhance saccos' contributions to economic growth, he said the government will increase policy interventions to seal loopholes.

He also directed the ministry to fast-track formulation of the National Cooperatives Policy and called for the speedy creation of a central liquidity facility which will enable saccos to participate in the national payment system and come up with more innovative products for members.

“Our goal as a government is to serve as facilitators and enablers, to clear the path for cooperatives so that they and their members can realise their full potential,” he said.

MAJOR ACHIEVEMENTS

Mr Kenyatta noted that cooperatives have mobilised more than Sh732 billion in members’ savings and deposits and that they hold a loans portfolio of Sh700 billion.

"Directly and indirectly, cooperatives account for 45 per cent of Kenya’s Gross Domestic Product and 30 per cent of national savings and deposits."

He also noted that cooperatives play an integral role in fostering national unity.

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