The Cabinet Secretary (CS) for Cooperatives and MSMEs Development Wycliffe Oparanya has urged Sacco members across countrywide to back the creation of a federation to regulate Saccos as proposed in the Cooperative Bill 2024 currently before Parliament.
Speaking during the launch of the SACCO Societies Regulatory Authority (SASRA) Supervision Report, Oparanya asserted that creation of the federation will help to address mismanagement of Saccos which has been on the rise in recent years.
“Dealing with mismanagement cannot be the business of government alone. It requires cooperation and partnership with you, the industry leaders to give meaning to the policy and legal framework,” he said.
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“I would expect the federation to be the custodian of good governance as it has both legal and moral authority given the huge public interest circles as depositing financial institutions have. The Sacco industry, through the federation, must own, promote, and uphold good governance practices through public education and self-regulation,” Oparanya added.
The CS affirmed that he is committed to map out all mismanagement and other corrupt practices by rogue officials in Saccos.
By Vostine Ratemo
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