By Eddah Waithaka
Wycliffe Oparanya, the Cabinet Secretary for Cooperatives and Micro, Small and Medium Enterprises (MSMEs) Development, has underscored the need for urgent reforms and a renewed focus on improving member satisfaction in the cooperative sector.
Speaking at a press briefing with the Kenya National Police DT SACCO, CS Oparanya highlighted the vital role that SACCOs play in fostering economic development.
The CS highlighted that SACCOs have successfully mobilized over KSh1.2 trillion in savings, disbursed KSh1 billion in loans, and amassed an asset base of KSh1.7 billion.
In praising the commendable performance of the Kenya National Police DT SACCO, CS Oparanya recognized that not all SACCOs have attained comparable levels of success.
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Emphasizing the importance of sound corporate governance, he said the government was committed to introducing a new cooperative law to address this issue. He also promised to review the current laws to provide a more robust regulatory structure for SACCOs.
“SACCOs have the potential to be powerful drivers of economic growth and social development in Kenya,” CS Oparanya stated. “By strengthening their governance and providing them with the necessary tools and support, we can unleash their full potential.”
In alignment with the Cabinet Secretary’s views, Mr. Solomon Atsiaya, CEO of the Kenya National Police DT SACCO, reiterated the crucial significance of SACCOs in propelling economic advancement and uplifting communities.
He said, “SACCOs are important pillars of our economy, but their success depends on their ability to remain relevant and responsive to the needs of their members.”
“The DT SACCO is committed to innovation and member satisfaction. We are constantly looking for ways to improve our products and services and enhance the overall member experience,” he added. He added.
The Cabinet Secretary outlined a vision where SACCOs would be enabled to self-regulate, with governmental supervision focused solely on safeguarding depositors’ funds.
Additionally, he underscored the government’s dedication to rejuvenating the Kenya Union of Savings and Credit Cooperatives (KUCSCO) and investigating various funding avenues to bolster its activities.
