Cooperatives and Micro, Small, and Medium Enterprises Development Cabinet Secretary (CS) Simon Chelugui has urged Saccos to embrace the emerging Financial Technology (FinTech) innovations for relevance and sustainability.
The CS emphasized the importance of cooperatives and Saccos in achieving financial inclusion for the majority of the Kenyan population in line with the government’s Bottom-up Economic Transformation Agenda.
He further urged Saccos to form priority value chains to steer social development, promising that the government will put in place strategies to support those who embrace the structures.
In view of the critical role played by the cooperatives and SMEs, he pledged to ensure his ministry provides a good working environment for the sector to thrive.
“Cooperatives should therefore take advantage of the opportunity to recruit more members in order to increase and promote financial inclusion countrywide,” he advised, further stating that the government is undertaking reforms and reviewing policies and legal frameworks to boost Co-op sector operations.
State Department of Cooperatives PS Patrick Kilemi commended the Sacco for its commitment to integrity and good governance.
He stressed that compliance with prudential standards is essential to ensure the safety of members’ funds.
Kakamega CECM for Agriculture Benjamin Andama said some of the value chains that need support in the region include gold mining, textiles, tea and coffee.
By Andanje Wakhungu and Hilda Atika
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