Kenya Union of Savings and Credit Cooperatives (KUSCCO) Acting Managing Director, Arnold Munene, has urged sacco industry players to come up with effective strategy to bring on board new members into the subsector.
The sacco subsector he says, has only about 14 million cooperators compared to the over 50 million Kenyans in the country, a difference that he describes as ‘not so a good one’.
Speaking during Imarika Sacco’s annual delegates meeting, he showered praise on the society for its outstanding performance in bolstering membership numbers and increasing deposit volumes. He highlighted the Sacco’s proactive member recruitment strategies, urging other cooperatives to emulate its success in expanding their customer base.
Imarika Sacco’s dedication to safeguarding its members’ investments has fostered trust and confidence among its clientele, commending the sacco for ensuring a shilling in the sacco is as safe as a shilling in the bank.
In a testament to its unwavering commitment to excellence, Imarika Sacco has emerged as a beacon of success within Kenya’s cooperative landscape. The Sacco’s remarkable achievements were lauded during its annual delegates meeting held at Travellers Hotel this February.
With assets valued at 13 billion Kenyan shillings and a continuously growing membership base, Imarika Sacco, he said, has solidified its position as the most progressive cooperative in the coastal region and ranks among the top five well-managed Saccos nationwide.
Munene reiterated the government’s steadfast support for the cooperative movement, as emphasized by the Cooperative Development Cabinet Secretary, Hon. Simon Chelugui during a recently held meeting with Cooperative leadership.
He underscored the importance of protecting the Sacco sector, echoing Chelugui’s assurance of government’s commitment through KUSCCO to provide a secure investment environment for all.
“Our main goal as saccos is to protect each other especially those at the low level and as KUSCCO we endeavor to provide a conducive business environment for the saccos in this country,” he asserted, “we want to protect our sacco ecosystem so that in the next two years we are talking about 2 trillion plus in terms of deposits in saccos.”
Furthermore, KUSCCO has been proactive in equipping Sacco leaders with the necessary skills to navigate emerging leadership challenges through training workshops conducted across the country.
“We have taken your board, staff, delegates through training and our goal are to live to the standards and the values of the cooperative movement.” He stated.
While advocating for the adoption of technology to enhance service delivery within the cooperative sector, Munene also stressed the critical importance of embracing robust cybersecurity measures to mitigate potential risks associated with malicious technology.
“As Saccos expand, diversify products and services and embrace technology for seamless service delivery, we should make sure we have enough firewall and strategy to make sure we shield ourselves from potential attacks,” he advised.
Imarika Sacco’s achievements serve as a testament to the transformative power of unity, leadership, and unwavering dedication to the cooperative movement’s principles. As the government and industry stakeholders continue to rally behind Saccos, Imarika Sacco stands poised to lead the charge towards a prosperous and sustainable cooperative ecosystem in Kenya.
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