Deputy President Rigathi Gachagua has called on Kenyans to embrace the saving culture so that the Govt can borrow funds from within instead of getting loans from outside.
Speaking at Kinoru stadium in Meru town during Solution Sacco’s 30th-anniversary celebrations, the DP noted that the cooperative sector is a key pillar of driving economic growth and social development in the country.
“The movement contributes about 10 percent of the country’s GDP through its ever-growing membership which currently stands at 14 million,” he pointed out, further revealing that in 2022, Saccos’ deposits hit over Ksh600 billion while processed loans stood at Ksh550 billion.
“It is against this backdrop that we have identified and made the cooperative movement a priority because of its direct contribution to the economy,” said Gachagua.
He said the executive is working with Parliament to amend the Cooperative Act to, among other factors, enhance financial inclusion for the farmer and ordinary Kenyans.
Speaking during the event, Cooperatives and MSMEs CS Simon Chelugui reiterated the deputy president’s comments.
By John Majau
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