The government has assured cooperative members that ongoing reforms in the sector are designed to modernise laws, align operations with the Constitution, curb corruption, enforce leadership term limits, and introduce stricter thresholds to protect members’ savings.
Speaking during the official opening of Unaitas Sacco Society’s 34th branch in Nyahururu, Laikipia County, Dolphine Aremo, Director for Cooperatives in Nairobi County, said the reforms aim to enhance transparency, sustainability, and public trust in Kenya’s cooperative movement.
Aremo dismissed claims that the government intends to control Savings and Credit Cooperative Organisations (Saccos), stressing instead that the reforms will create an enabling environment for growth.
She revealed that several Saccos were barred from issuing dividends this year after failing to comply with Sacco Societies Regulatory Authority (SASRA) rules and regulations.
Unaitas Chief Executive Officer Martin Muhoho and Board Chairman Michael Mureithi urged financial institutions to remain committed to meeting the evolving needs of members despite tough economic conditions. They emphasised the importance of reliable financial services in helping Kenyans navigate financial challenges.
ALSO READ:
Governor Otuoma pledges overhaul of Busia cooperatives to restore confidence and growth
Muhoho noted that institutions must find ways to support members struggling with the current economic climate. “It is important for financial institutions to help members contend with the hard economic times affecting Kenyans. Institutions must therefore assist members to navigate financial challenges where they can,” he said.
The new Unaitas branch is expected to serve farmers in Laikipia and Nyandarua Counties, alongside traders and business people seeking to save and grow their ventures.
Mureithi said the Sacco takes pride in its growth trajectory, highlighting its membership of over 480,000 people and an asset base of Sh31 billion. This places Unaitas fifth among Saccos with the highest asset base in Kenya, and first in terms of membership both locally and across Africa.
He added that the Sacco’s expansion reflects its commitment to bringing accessible financial services closer to communities, reinforcing its role as a leading cooperative institution.
By Masaki Enock
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!
