Governor to boost coop sector for accelerated economic growth

Machakos County Deputy governor Francis Mwangangi has revealed that the county government will continue mobilizing resources from various development partners in order to boost the growth of cooperatives which are vehicles for accelerated sustainable development.

Speaking during the101st International Day of Cooperatives celebrations held at Kenyatta Stadium, the deputy governor, who represented Governor Wavinya Ndeti, also revealed that the government was in the process of establishing a Revolving Fund for Cooperatives to access cheap and affordable credit services.

He urged cooperative leaders to embrace good leadership so as to safeguard members’ funds.

“It’s sad that many cooperatives have been run down by their leadership with members living in poverty while the leaders flourished,” he lamented.

Machakos County has a total of 367 registered Cooperatives with 239,000 members and a total share capital and asset base of Ksh13.5 billion.

Universal Traders Sacco Chairman Fredrick Ngumbi expressed pride at the Sacco being awarded the second best efficient Sacco during the event where Kwetu Sacco emerged the best overall Sacco.

He urged residents to join the Sacco which has a membership of over 50,000.

He said UTS had sought for and been granted an extension of its ongoing membership recruitment drive where individuals can top up their capital shares with Ksh2000 or Ksh3000 normal shares to stand a chance of winning prizes such as a Toyota Probox car, motorcycle, laptop and smartphones.

There’s also a recruitment raffle ticket where a member refers a new member to pay Ksh10, 000 as capital shares.

Some of the parameters used in selecting the best Saccos include, asset base, efficiency in management and loan default levels.

Other cooperatives that won trophies and certificates include Mukuyuni Farmers’ Cooperative Society, Kambusu, Kasinga, Kilalani and Muisuni cooperative societies.

By Stephen Muthini

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