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Join Saccos for your own good, Speaker tells Kenyans

01 April 2016, 17:06

Nairobi - Senate Speaker Ekwe Ethuro has appealed to members of the public to join Savings and Credit Co-operatives (Saccos).

The Speaker said Sacco's have the potential of turning around the economic fortunes of the country, as the organized groups contributes over a third of Kenya's National Gross Domestic Product (GDP).

Speaking in Nairobi Friday during an inaugural Sacco Leaders' Convention, Ethuro said there is urgent need to boost the numbers of Kenyans currently registered in Sacco's, especially with the onset of devolution.

"The over 19,600 registered Sacco's in the country have a membership of about 14 million. If these numbers are boosted then there is a real potential of spurred economic growth and development," he said.

Mr Ethuro who was the chief guest at the function at the same time appealed to leaders of Sacco's to be innovative and embrace technological advancements in their day to day activities so as to attract more members.

"You have to adjust to the new realities of the fast ever changing business environment and work hard to towards offering products and services that are superior to those given by your competitors," he advised.

Legislators who belong to the Departmental Agriculture Committee were present at the function that brought together delegates from 47 counties. They included MPs ; Kareke Mbiuki(Maara), John Serut(Mt Elgon),  Dan Maanzo( Makueni) Opiyo Wandati(Ugunja), Kabando wa Kabando(Mukurweini) were present .

George Ototo , the Managing Director of the Kenya Unions of Savings and Credit Co-Operative(KUSCCO) Limited which convened the two day meeting, asked county governments to support the co-operative movements.

He disclosed that most Sacco's in the devolved units are not doing well because the county governments delay in submission of contributions of members to the bodies and urged the administrations to find mechanisms of resolving the problem.

"The delayed remittances of Sacco deductions by the county governments has been a big challenge. I appeal to the devolved governments to find ways of ensuring that the money is relayed in time," said Ototo.

- News24

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

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