The Cabinet Secretary (CS) for Cooperatives and MSMEs development Wycliffe Oparanya has revealed that the government is keen to help Saccos access capital by exploring avenues for increased funding and investment in the sector.
Speaking during the 7th Annual Delegates’ Conference for Stima DT Sacco Society Ltd on Thursday, Oparanya urged sector stakeholders to work in unison to develop more channels to increase much-needed capital.
“To address access to capital the government is committed to exploring avenues for increased funding and investment in the sector. We must also work together to develop innovative financing models that will enable cooperatives to access the resources they need to grow and thrive,” he said.
The CS asserted that his ministry is committed to addressing the challenge of Sacco management to ensure that they operate with integrity and transparency.
Oparanya pointed out that the government will strive to support modern technologies in Saccos in the coming years.
“Additionally, we commit to support initiatives that promote the adoption of digital technologies in the cooperative sector, from mobile banking platforms to digital credit scoring tools. This will not only improve efficiency but also enhance financial inclusion by making cooperative services more accessible to all Kenyans,” he said.
ALSO READ:
He revealed that cooperatives have played a crucial role in empowering millions of Kenyans, providing them with access to financial services, promoting savings and investment, and facilitating the growth of small and medium enterprises.
“Today, the cooperative sector contributes significantly to our GDP, supports the livelihoods of millions, and serves as a critical driver of economic inclusion, particularly in rural areas,” he said.
He lauded Stima DT Sacco Society for its unwavering commitment to the cooperative movement and its dedication to improving the lives of its members.
“Your success is a testament to the power of cooperation and the positive impact that can be achieved when people come together with a shared purpose,” Oparanya said.
By Vostine Ratemo
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!
