Saccos advised to apply corporate governance

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By Tsozungu Kombe

Kenya Police Sacco National Chairman David Mategwa has urged top Sacco officials to be transparent and accountable to enhance efficiency in their respective societies.
Mategwa said that the co-operative movement plays a vital role in the country by uplifting living standards of Kenyans.
He asked Saccos in the country to comply with Sacco Societies Regulatory Authority (SASRA) requirements.
The chairman called on Kenyans to join Saccos in large numbers to save and borrow loans to implement their development projects.
Mategwa, who spoke during Imarika Sacco Annual General Meeting (AGM), lauded the society for its tremendous growth.
He said the Sacco should also explore other ways of strengthening its operations for a sustained growth. “Resource mobilisation through enhancing the levels of capitalisation and deposit portfolios should at all times be the points of focus to ensure steady growth and sustainability of the Sacco,” said Mategwa.
Rachael Wafula, from KUSCCO advised teachers in Kilifi County to increase their monthly deposits to enable them get bigger loans whenever they need them.
She observed that many teachers in the country die poor due to lack of early retirement preparation in investments.

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