CS Simon Chelugui yesterday attended 44th Annual Delegates Meeting of Cosmopolitan Sacco.

Hon. Chelugui expressed the government’s pride at the growth of Cosmopolitan Sacco which was established in 1977 as Nakuru Teachers Sacco Society Ltd.

Cooperatives are important vehicles in capital mobilization for the development of the country. The unique nature of the cooperative business model in aggregating both human and capital resources informed the Kenya Kwanza Bottom up Transformation Agenda that focuses on uplifting livelihoods of Kenyans at the bottom of the economic pyramid. 

Hon. Chelugui underscored the importance of the Ministry of Cooperatives in the implementation of the Kenya Kwanza Bottom-Up Economic Transformation Agenda (BETA).

He stated that Kenya has 29,300 registered cooperatives with a membership of over 14 million, commanding an asset base of over 1.5 trillion shillings.

 Cooperatives have mobilized savings of over 1.5 trillion shillings and a loan book of over 980 million shillings.

About 30% of Kenya’s annual savings are through cooperatives. 

CS Chelugui amplified the need for the boards and management of cooperative to continually analyze the prevailing business environment with a view to adopting strategies to cushion societies against internal and external shocks.

“Co-operatives should develop modern marketing strategies, create good environment for customer interaction and acquire secure physical facilities to safeguard members’ savings,” he said.

Hon. Chelugui called for SACCOs to embrace good governance including innovation, openness to change, sound financial management and responsiveness to members’ needs and expectations.

“To reap maximum benefits, co-operatives must recruit professional staff,” said Chelugui.

The Government, the CS said, remains committed to working with actors in the co-operative sector to explore ways of growing the size and membership of cooperatives and fostering innovation to enhance productivity and as well as a nurture sustainability in tandem with rapid digital innovation and evolving member needs.

SACCOs have increased diversity in membership base, an improved savings culture and sustainability through digitalization of products.

The government will continue to create an enabling environment for the sustainable growth and development of this sector.