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SACCOS should look for alternative funding sources

21 November 2012, 12:05 Robert Kibet

Cooperative Development Minister Joe Nyagah has urged cooperative developments and SACCOS across the country to look for alternative sources of funding so as to be able to compete with other financial institutions as well as strengthen their stake in the community.

Nyagah said that cooperatives and SACCOs play a very important role in the lives of its members as it enables them to access financial loans at minimal rates compared to other commercial financial institutions in the country.

The former Gachoka legislator was speaking at a Nakuru hotel on Saturday where he graced the Kenya Teachers SACCO Association (KTSA) annual general meeting.

 “It’s the only way to ensure that the cooperative movement will grow to the next level, because we are the leading country in Africa when it comes to cooperatives. Fifty percent of cooperatives of al l cooperatives in Africa are situated in Kenya”, said the minister.

The minister disclosed that recently, his ministry held a successful seminar in Nairobi which brought together cooperative movements in Kenya with potential donors such as the World BANK, US-AID and the Food Agricultural Organisation (FAO).

The ministry is said to have signed an agreement with FAO, where the Rome based organization will channel funds to the Cooperative movement in the country to cater for training of personnel in the cooperative sector.

The beneficiaries will be those who will enroll in the Cooperative College that is currently under the Jomo Kenyatta University of Agriculture and Technology.

Nyagah expressed hope that the college will be soon be chattered into a fully fledged university, but regretted that the college could not sustain itself yet the Scandinavian countries are having their economy controlled and run by cooperative movements.

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