National Assembly Speaker Moses Wetang’ula has called on Members of Parliament to urgently review Kenya’s cooperative laws and close loopholes that expose members’ savings to mismanagement and loss.
Speaking during the launch of Shirikiana Sacco, Wetang’ula warned that weak governance systems continue to endanger resources in cooperative societies, stressing the need for stronger oversight and accountability.
“We must look at the law critically and seal all loopholes that could allow the plundering of resources,” he said, adding that Parliament has a duty to safeguard the savings of millions of Kenyans who rely on Saccos for financial security.
The Speaker described the cooperative movement as a key pathway to reducing poverty, building wealth, and improving livelihoods across the country. He cited Sweden as an example of a developed economy where the entire population participates in cooperatives, from the President and Prime Minister to ordinary citizens.
“In Sweden, all citizens are members of the cooperative movement. People save not for the sake of it, but because they have plans for the future and know the benefits when the need arises,” he observed.
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Wetang’ula encouraged Kenyans, particularly farmers and business owners, to consistently invest part of their income in Saccos, saying cooperative savings remain one of the most reliable forms of financial security.
He singled out governance challenges as a major threat to the sector and urged the Parliamentary Committee on Trade, Industry and Cooperatives, chaired by Ikolomani MP Bernard Shinali, to strengthen oversight and reforms. He emphasized that Parliament must ensure legal safeguards that protect members’ savings from abuse by rogue officials.
The Speaker further announced that senior government leaders, including himself, would join Shirikiana Sacco alongside the Prime Cabinet Secretary, Cabinet Secretaries, Principal Secretaries and MPs to provide seed capital and strengthen its foundation.
“Today we will all join Shirikiana Sacco led by the President. I will join together with other leaders, so that we can give it strong seed capital,” he said.
By Masaki Enock
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