In Kenya, the sacco subsector has risen as a powerful force in uplifting low and medium-income earners, playing a pivotal role in driving economic growth and fostering financial inclusivity.
Mr. Alfred Mlolwa, Qwetu Sacco’s chairman, emphasizes the indispensable role saccos have in providing effective and efficient financial solutions to the majority of Kenyans.
During the 2024 annual delegates meeting of Imarika Sacco, Mlolwa underscored the significance of saccos, stating, “Sacco subsector is the only sector which takes care of everybody.” He highlighted the government’s borrowing from the sacco economic model in implementing the bottom-up transformative initiative, emphasizing the sector’s vital contribution to national development.
Mlolwa, who also serves as Kuscco’s regional director for North Eastern, underlined the crucial role of sacco unions in supporting individual saccos to thrive and achieve their objectives. He commended Imarika Sacco for its remarkable achievements over the years, lauding it as one of the best-managed saccos in the region.
“A good working relationship in the sector is critical. You can never celebrate success where there is division neither can you share success in a sacco where there is noise.” He advised.
The success of Imarika Sacco can be attributed to its legacy of unity, forged through strong cooperation between management and customers. He highlighted the importance of well-managed institutions, noting that they foster a sense of calmness among members and promote the sharing of success.
“Saccos are not for the rich. They are for those that come together with a common objective to achieve a common goal,” he stressed.
The rise of saccos as the main economic driver in Kenya signifies a shift towards a bottom-up approach, where grassroots initiatives are instrumental in driving inclusive growth and prosperity for all segments of society.
Additionally, Mlolwa announced that Coast Region investment in Kuscco places coast based saccos in position three in the umbrella body and challenged the saccos to strive to be at the top position following their strengths, unity and immense contributions.
As saccos continue to thrive and expand their reach, they remain key players in Kenya’s journey towards economic empowerment and financial resilience.
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