Savings and Credit Co-operatives Societies (Saccos) have been called upon by the Government to embrace innovation and devise strategies that will propel cooperatives towards continued excellence.
Speaking during the Kenya National Police DT SACCO 51st Annual Delegates Meeting held in Serena hotel in Nairobi this February, Simon Chelugui Cabinet Secretary for Cooperatives, Micro, Small and Medium Enterprise Development said that technology stands as a powerful catalyst for transformation, offering avenues for enhanced efficiency, reduced operational costs, and expanded service delivery.
“By harnessing the potential of technology and innovation, cooperatives can unlock new opportunities, streamline operations, and fortify their value proposition,” Chelugui said.
The CS said that embracing ICT solutions, prioritizing technological innovation, and fostering research and collaboration are essential steps in the journey towards sustainable growth and development. “Let us reaffirm our commitment towards innovation, collaboration, and excellence. By embracing technological advancements and cultivating new cooperative ecosystems, we can pave the way for a brighter, more inclusive future,” he said.
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He said that the State cannot overlook the challenges that confront cooperatives today which include the costliness of agricultural inputs to the spectre of cybercrimes, from the dearth of accessible working capital to the imperative need for investments in human capital and technology, as well.
“These hurdles demand our attention, yet, amidst these challenges, lie immense opportunities. The Government is steadfast in its commitment to leveraging cooperatives and micro, small, and medium-sized enterprises (MSMEs) as catalysts for economic growth.”
He added that the pending Cooperatives Bill 2023 heralds a new era of possibilities that contains a raft of interventions that will enhance the growth and development of the cooperative sector and added that the central to the reforms is the delineation of roles between the national and county governments, ensuring a coordinated approach to promotion, regulation, and development.
“The reforms provide for the registration of Cooperative Federations for each Value Chain aim to foster self-regulation and cohesion within the sector,” CS said.
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He further revealed that his Ministry has proposed amendments to the Sacco Societies Act, to facilitate the operationalization of the Deposit Guarantee Fund and the establishment of Central Liquidity and Shared Services, which will without any doubt, fortify confidence in our financial cooperatives.
He also told participants that the ministry reforms extend across various productive value chains, including coffee dairy, cotton, artisanal mining, artisanal fishing, construction and housing. Also it caters for leather and leather products, edible oils, avocado, and macadamia.
“These efforts are a testament to our dedication to driving holistic and sustainable growth.”
By Felix Wanderi
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