The government is now aiming to have Kenyans embrace saving culture for betterment of their financial well-being.
Cooperatives Principal Secretary Patrick Kilemi says more than 18 million Kenyans are not in cooperatives and the government is pushing to have them save the little they make through cooperatives.
The PS says they are encouraging Kenyans to join cooperatives noting that the sector has improved living standards of members.
Kilemi who was speaking during an interview with media said most casual workers and business people are not in any cooperatives.
“You can get KSh600 and save KSh100 every day, these will save you in the future, we are encouraging formation of workers cooperatives must encourage our people to save the little they make,” the PS said.
The PS said the government through Cooperative Bill 2024 is addressing issues raised in the sector such as governance issue that has contributed to underperformance to give more conducive environment for growth of the sector.
The cooperative movement started in the year 1960s with Coffee cooperatives becoming the first to be formed in the country.
Kenya’s SACCOs sub-sector is ranked first on the continent with regards to membership size and asset base and seventh across the world today.
As of June 2023, Saccos deposits tipped over KSh1 trillion for the first time, total assets held by cooperatives grew to KSh1.5 trillion.
There are 14 million Sacco members in the country, most of these members are they employed who are in monthly salaries.
By Obegi Malack
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