Savings and Credit Cooperative (Saccos) will survive hard times when leaders embrace good governance and transparent leadership.
According to CIC General Manager, Cooperatives, Richard Nyakenogo, societies that are run in a transparent and accountable manner survive hard economic times and later prosper.
Speaking in Kericho during this year’s Ushirika Day celebrations, he told Saccos leadership to ensure that all members are actively involved in the running of Saccos through formal and informal engagements regularly.
“We have realized that some Saccos take so long to engage their members in forums which in the long run tend to bring forth misunderstandings,” he said.
Nyakenogo advised Sacco managers to cultivate a strong link with their neighbouring communities and security apparatus, citing recent cases of theft of product from coffee cooperative societies.
He appealed to Sacco leadership to take member education exercises seriously as well.
Nyakenogo condemned the trend of members who default on repaying their loans and go ahead to form their own cooperatives, leading to a lot of dormant Saccos.
The Manager urged participants to embrace technology and urged Sacco managers to stay abreast with cyber security trends.
He called for the study of immediate markets to enable adaptability and the generation of products that fit contemporary demands.
“I call upon you to do a lot of research, be alive to market trends and remain competitive,” he said.
By Benedict Ng’etich
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