MSME and Cooperative Development Cabinet Secretary Hon. Simon Chelugui revealed that the government will work closely with saccos with proper management to further their success in the industry and meet the needs of the changing customer environment.
CS Chelugui, who graced the relaunch of Ports Sacco, formerly known as the Mombasa Port Sacco, praised the society for 57 years of tremendous growth and effort. He noted that the relaunch by the sacco was a good move to refocus, expand its geographical reach and enhance financial inclusivity while addressing the customer changing needs.
“Rebrand, reorganize, reengineer and take care of the members’ funds since they have made you to be where you are,” CS Chelugui advised.
Ports Sacco, he stated, was a pacesetter to other saccos who should follow suit by refocusing and changing accordingly to address the changing times. He further urged sacco societies to add value in their service in the cooperative world rather than majoring only on their success.
He added that despite the current state or position of the saccos, through hard work and consistency, the saccos can thrive and be where they dream of.
He further showered praises to the tier one sacco for their tremendous growth and success in the cooperative world despite the economic challenges witnessed in the country and also for taking the lead among the top saccos in the coastal region.
CS Chelugui also noted that the government will set up a deposit guarantee fund to protect funds held in the Saccos as a safety measure for member’s deposits. He said the guarantee fund will enable saccos to insulate themselves from financial shock.
He further said the government is banking on the Cooperative Bill that is before the Cabinet to align the act with the agenda of the Kenya Kwanza bottom-up economic model.
“We have gone round the country, collected views, so the cabinet is considering it and it will transition to the parliament, and I want to encourage all saccos to maintain good governance,” the CS said.
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