- Universal Traders Sacco held its forum in Machakos, educating members on SASRA regulations, financial discipline, new products, and electing new delegates.
- CEO Dominic Mutunga highlighted Senate proposals including cheque book issuance, forex access, a Deposit Guarantee Fund, and shared services to strengthen Sacco operations and protect members’ savings.
The Universal Traders Sacco (UTS) on Thursday convened its Members’ Education Day in Machakos, sensitizing members on current regulations by the Sacco Societies Regulatory Authority (SASRA) and emerging issues in the cooperative sector. The forum also saw members elect new delegates to represent them.
Speaking outside the venue at ACK Church, UTS Chairman Julius Mwengei said the sessions covered key topics including regulatory compliance, financial discipline, and new Sacco products. He emphasized that the education day is crucial for transparency and accountability. “UTS has branches in various regions.
We have been to all of them and Machakos is the last to hold Members’ Education Day. This is a very important day because it enables members to be educated on the affairs of the Sacco and to get an opportunity to ask questions on how their Sacco is run,” Mwengei said.
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Mwengei attributed UTS’ continued market leadership to strong management, an active marketing team that recruits new members, and affordable loan products that have kept the Sacco competitive.
UTS Chief Executive Officer Dominic Mutunga outlined proposals before the Senate to amend the Sacco Societies Act, 2008, aimed at enhancing Sacco operations and integrating them into the National Payment System. The proposed changes would allow Saccos to issue their own cheque books, access the foreign exchange market, and expand services to members.
Mutunga said the amendments also include the establishment of a Deposit Guarantee Fund (DGF), modeled on the Central Bank’s Deposit Insurance Corporation. “It means that if, by bad luck, a Sacco collapses, members can still access their funds. Those are good news,” he noted.
Another key proposal is the introduction of shared services, which would enable smaller Saccos to access critical functions such as data management without incurring heavy capital costs. Mutunga explained that this reform responds to long‑standing member demands for affordable access to modern systems.
UTS member Benedict Mang’uu, who has been with the Sacco for more than a decade, expressed optimism that the newly elected delegates would serve members’ interests. Mang’uu credited the Sacco with supporting his investments in real estate, underscoring the role of cooperative finance in empowering individuals.
By Stephen Muthini
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