African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) Executive Director George Ombado has said The Cooperatives Bill 2024 which is currently before senate will be the game changer in the country.
Ombado who was speaking during a media interview said if the bill passes other countries will also be able to follow the same formula that Kenya has used.
He noted that the bill creates good environment for the Sacco system to operate.
“In countries such as US we have people who have never stepped in the bank, the only bank they know is the Sacco, a shilling in the bank is secure as a shilling in the Sacco,” he said.
Cabinet Secretary in the Ministry of Cooperatives and MSMEs Development Wycliffe Oparanya had said the bill will address main challenges affecting the sector.
Government is also harmonizing various legal and regulatory frameworks, and realigning them to the current needs and realities as envisioned in Bottom-Up Economic Transformation Agenda (BETA).
The bill will ensure there is well governed and sustainable cooperative society ecosystem that protects the interests of all the members.
As per the International Cooperative Alliance (ICA) and Cooperative Alliance of Kenya (CAK), there are approximately 3 million cooperatives in the world, with Kenya having over 25,000 registered cooperatives that have a membership of over 14 million people.
Cooperatives, in general, contribute approximately 30 per cent of Kenya’s annual savings, while generating employment opportunities for over 500,000 people directly and over 2 million indirectly.
By Obegi Malack
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