Ministry of Cooperatives CS, Hon. Chelugui has urged Kenyan Saccos to diversify their product portfolio to meet members’ emerging needs, like housing mortgage products to address the housing deficit in the country.

Such products will complement the government’s efforts to facilitate the supply of affordable housing.  

The CS noted that this would be a crucial role for the cooperative sector to provide affordable shelters to most Kenyans.

He encouraged the cooperatives to partner with the Kenya Mortgage Refinance Company (KMRC) to access affordable long-term financing programs.

“The Co-operative business model is an ideal vehicle for ensuring financial inclusion to the majority of the Kenyan population who would otherwise not have access to financial services from conventional institutions,” the CS said, addressing attendees of the Mwalimu Sacco Annual Delegates Meeting (ADM)

Kenya boasts 28,000 registered cooperatives, with a membership of over 14 million that spreads across the whole population from all walks of life.

Co-operative Societies have been called to exploit this advantage to recruit more members to expand their financial inclusion.

President Ruto and his government recognize cooperatives as enablers of the Bottom Up Economic Transformation Agenda (BETA).

This is due to the important role of cooperatives in the financial inclusion of the citizenry, and the ability to complement the government’s effort in the provision of affordable housing as well as food security.

The CS assured Cooperatives and MSMEs of his Ministry’s and government’s continued support.