Kenya Union of Savings & Credit Co-operatives (KUSCCO) has marked its 50 years of existence with a share capital of Ksh2.99 billion in 2022 that had risen from Ksh2.81 billion previously, which represents a growth of 6.4 per cent.
National Chairman George Magutu revealed this as he highlighted their achievements in the housing sector, where he said the union remained committed to offer integrated, value-based property solutions.
“We are focused on providing affordable and stable credit to our members, which does not fluctuate due to prevailing market rates,” said Magutu.
“To increase market penetration, KUSCCO Housing has introduced new products – including the Diaspora Mortgage Account whose property solutions include identifying the right property, validating ownership, and negotiating for fair prices,” said Magutu.
He also advised KUSCCO members to avoid heavy capital expenditure due to the current economic situation as this might expose members to liquidity risks.
“Let us encourage members to continue capitalizing Saccos to ensure they remain stable enough to weather any economic shocks,” he advised.
He said KUSCCO, established in 1973, enjoys a rich history spanning 50 years now.
He laud the pioneers of the Cooperative movement in Kenya for their role in the posterity of the sector, including Kipkelion Cooperative Society, which started in 1908 by white settlers in Kericho, and Mariira Parish Cooperative Savings and Credit Society, the brainchild of Father Joachim Getonga in Muranga in 1964.
Magutu saluted the Kenyan movement for its sustained top rank in Africa, even as it is rated seventh globally.
By Peter Otuoro
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