Co-op are tools for socio-economic development, says Munya

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By Tsozungu Kombe

The Government intends to ensure that co-operative societies become tools for social and economic development. This includes promotion of inclusivity and improved livelihoods for all through participation in the Big 4 Agenda.

Speaking during the the 20th Annual SACCA Congress held in Mombasa County, Cabinet Secretary for Industry, Trade and Cooperative, Peter Munya, said that the government is using co-operatives to improve access to financial services for the majority.

Munya said savings and credit co-operative societies were partners of development and active in ensuring improvement in living standards for many.

The CS noted that many Saccos across the continent  are faced with numerous challenges hence the need to have a forum that can be used to address them.

He told cooperative leaders to work together, network and share their experiences.

Ali Noor, PS in the State Department for Co-operatives, urged Saccos to use ICT for efficient in offering services to members.

ACCOSCA Chief Executive Officer, George Ombado, said they have been working with other partners and like-minded organisations towards an empowered Africa by developing a working relationship with governments to safeguard the affairs of members across Africa.

John Mwaka, SASRA Chief Executive Officer, said 175 Deposit Taking Saccos were licensed in 2019, adding that Sacco control 80 per cent of all assets and deposits within the co-operative sector.

He announced that new rules to govern Non-Deposit-Taking Saccos have been approved by the Cabinet and will soon be enacted into law.

The new rules will enhance corporate governance and deal with fraudulent activities within Saccos. An anti-fraud unit will also be established.

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