KIMISITU Sacco has now opened a satellite office in Kisumu to bring services closer to their members and save them the trouble of having to travel long distances to get services. It will serve the entire Western Kenya region.
Sacco chairman Jotham Opiyo said their intention was to spread their reach to adjacent regions such as Homa Bay and Migori counties, which will add vibrancy to 14,000 membership and galvanize their asset base that stands at Ksh9.8 billion.
Despite this new development, Opiyo said their valued online products still played a crucial role in its expansion agenda as they are attractive to customers.
Kisumu Deputy Governor (DG) Dr Mathew Owili said the gesture is a welcome move that will address the existing financial gaps in the growing economy, noting that the service sector had continued to grow exponentially as a testament to the resilience against shocks such as the Covid-19 pandemic.
He observed that the arrival of KIMISITU will greatly contribute to the expansion of the service sector and overall economic growth.
The DG said Kisumu plays a very pivotal role due to its geo-positioning in the region that should be able to make it a market centre to the over 400 million population across East Africa and beyond.
“With that in mind, KIMISITU must therefore start thinking along those lines and develop with that growth trajectory. Hopefully, that growth should evolve into a full financial institution in the not-too-distant future,” he said.
Dr Owili said the county government, being an employer of over 4,000 individuals, is a window of opportunity for the Sacco to make entry.
“We will act as your ambassadors amongst our employees to allow them join and enjoy the favourable conditions offered and access affordable financing. Even as they join, I want to challenge the leadership of KIMISITU to employ good corporate governance as it is the only way through which you will retain customers,” he said.
As a government, Dr Owili stressed, they will continue to create an enabling business environment to promote sustainable growth of the Cooperative movement, saying it plays a key role in mobilizing resources for the underserved in the financial sector.
He said from the savings, members are able to access affordable loans for capital investments as they can start businesses, educate themselves and their children, put up homes and meet the rising health demands and many other social benefits.
Dr Owili noted that the current business environment is very competitive and dynamic and so they must work hard to keep members.
“In order to avoid loss of members, there is need to do continuous research to develop products and services that will satisfy their economic and social needs,” he said.
He said no economy will grow without access to affordable financing; thus, access to financing is an enabler of economic development.
The DG said the county is largely a micro, small to medium enterprise economy; a group that more often are shunned by major financial institutions.
He said Saccos have played a very important role in enabling the small cooperatives and individuals to access resources for various activities.
The County Executive Committee Member (CECM) for Trade, Tourism, Industry and Marketing Farida Salim said they are mandated to market Kisumu County aggressively as an investment hub and as a tourist destination.
She said the county government is keen to provide a favourable business environment for enterprise development, and a vibrant service sector.
Salim said they are working on ways to formalize the informal sector through capacity building programmes for MSMEs, as well as growing of a viable and sustainable Cooperative sector.
“We expect you to create employment opportunities for our locals, rescue our traders from harsh shylock services, and provide affordable business financing to our business community,” she added.
By Fredrick Odiero
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