The Cabinet Secretary for Cooperatives and Micro, Small, and Medium Enterprises (MSMEs) Development, Wycliffe Oparanya, has emphasized the need for urgent reforms and a renewed focus on member satisfaction within the cooperative sector.
During a press briefing with the Kenya National Police DT SACCO, CS Oparanya emphasized the crucial role that SACCOs play in driving economic development.
He noted that SACCOs have successfully mobilized over KSh1.2 trillion in savings, disbursed KSh1 billion in loans, and amassed an asset base of KSh1.7 billion.
While commending the Kenya National Police DT SACCO for its exemplary performance, CS Oparanya acknowledged that not all SACCOs have achieved similar success.
He stressed the importance of strong corporate governance and announced the government’s commitment to introducing a new cooperatives bill to address this issue. He also pledged to amend existing legislation to ensure a more robust regulatory framework for SACCOs.
“SACCOs have the potential to be powerful drivers of economic growth and social development in Kenya,” CS Oparanya stated. “By strengthening their governance and providing them with the necessary tools and support, we can unleash their full potential.”
Mr. Solomon Atsiaya, CEO of the Kenya National Police DT SACCO, echoed the Cabinet Secretary’s sentiments, emphasizing the critical role of SACCOs in driving economic development and empowering communities.
He stated, “SACCOs are vital pillars of our economy, but their success depends on their ability to remain relevant and responsive to the needs of their members.”
“The DT SACCO is committed to innovation and member satisfaction. We are constantly looking for ways to enhance our products and services and improve the overall member experience.” He added.
The Cabinet Secretary expressed a vision for a future where SACCOs are empowered to self-regulate, with government oversight limited to ensuring the safety of depositors’ funds.
He also emphasized the government’s commitment to revitalizing the Kenya Union of Savings and Credit Cooperatives (KUCSCO) and exploring potential funding options to support its operations.
The press briefing highlighted the government’s unwavering support for the cooperative sector and its recognition of the critical role that SACCOs play in empowering communities and promoting economic growth.
