Cabinet Secretary for Cooperatives and Micro, Small and Medium Enterprises (MSMEs) Development, Wycliffe Oparanya, has urged the Sacco Societies Regulatory Authority (SASRA) to strengthen its institutional capacity, embrace technology, and prepare for the proposed expansion of its regulatory mandate to enhance oversight of the cooperative financial sector.
Oparanya made the remarks during a Board and Management Retreat hosted by SASRA on Thursday. He was accompanied by the Principal Secretary in the State Department for Cooperatives, Patrick Kilemi, and the Commissioner for Cooperatives, David Obonyo.
The Cabinet Secretary said the Sacco sector continues to play a critical role in Kenya’s economic development and financial inclusion agenda, making it necessary for the regulator to enhance its operational efficiency and readiness to address emerging challenges.
He emphasized the need for stronger supervision of Sacco societies to safeguard members’ savings and ensure the stability and sustainability of the sector. According to the CS, effective regulation remains key to maintaining public confidence in cooperative financial institutions.
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Oparanya further called for the adoption of modern technologies to improve regulatory processes, strengthen risk management systems, and enhance service delivery within the sector. He noted that technological innovation would be vital in responding to the growing complexity of financial services and expanding Sacco operations.
The Cabinet Secretary also underscored the importance of improving complaint resolution mechanisms to ensure members receive timely and fair redress whenever disputes arise. He urged SASRA to intensify efforts in implementing ongoing reforms aimed at promoting transparency, accountability, and good governance across Sacco institutions.
As the government pursues reforms in the cooperative movement, Dr. Oparanya challenged the Authority to position itself strategically for any future expansion of its mandate and to remain responsive to the evolving needs of the sector.
SASRA reaffirmed its commitment to building a safe, inclusive, and trusted Sacco industry through effective regulation, supervision, and stakeholder engagement.
By Juma Ndigo
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