Cooperatives Cabinet Secretary (CS), Simon Chelugui, has asked Saccos and Cooperative societies, to recruit more members to help them benefit from private and government services.
Speaking during Yetu Sacco’s Annual General Meeting in Nkubu, Meru County, Wednesday, Mr. Chelugui said Cooperative societies and Saccos, will be a way of life and that the Kenya KwanzaThe institutions will be used by the government to deliver its services to the citizens.
“In accordance with the Kenya Kwanza manifesto, cooperatives movements will be streamlined to make them serve citizens well and they will also be strengthened up to the ward level, because we need to deal with organized groups,” said Mr. Chelugui.
The CS stated that the cooperative model of business, which is a great vehicle to achieve financial inclusion for the majority Kenyan population, would be a good choice.
“This is evidenced by the huge membership of people in the cooperative societies that spread across all stratum of the population, including those at the bottom of the pyramid,” said Mr Chelugui.
He added: “Cooperative societies are therefore encouraged to exploit this advantage to recruit more members in order to expand their financial inclusion.”
CS encouraged Saccos throughout the country to diversify products to meet members’ needs, including mortgage products for housing, to address the country’s housing crisis.
“The housing project can be delivered through a partnership with savings and credit, banks, and cooperatives. Indeed, this is a crucial role of the cooperative sector and can take advantage of providing affordable shelter to Kenyans,” he said.
He encouraged Saccos and Cooperative societies to partner with Kenya Mortgage Refinance Company, (KMRC) to provide affordable long-term housing financing.
“In view of the critical role played by the Cooperative and Small Micro Enterprise, SMEs sector, I want to assure cooperative societies and Saccos of my Ministry’s commitment, to providing a good working environment for the sector to thrive,” said Mr. Chelugui.
He congratulated the management of Yetu Sacco led by Chief Executive Officer, Denis Mwiti Kirimi and Chairman, Mark Gitonga, for recruiting more than 60,000 members and giving dividends of 18 percent and rebates of 13 percent for 2022.
“Despite the challenges of the economic situations in the country, your Sacco managed to record an asset base of Sh5.3bn and deposit and savings of Sh.3.2billion and loan and advances of Sh.3.3 billion, as well as a revenue of Sh.789million,” said Mr. Chelugui.
The CS was accompanied by his Agriculture Counterpart, Mithika Linturi and Cooperatives PS, Patrick Kilemi.
By Dickson Mwiti
Source: kenyanews
