CS Oparanya calls for urgent reforms to strengthen SACCO governance

During a press briefing with the Kenya National Police DT SACCO, CS Oparanya emphasized the significant role SACCOs play in driving economic growth. He noted that SACCOs have successfully mobilized over Ksh.1.2 trillion in savings, disbursed Ksh.1 billion in loans, and built an asset base of Ksh.1.7 billion.

While commending the Kenya National Police DT SACCO for its exemplary performance, CS Oparanya acknowledged that not all SACCOs have achieved similar success. He stressed the importance of strong corporate governance and announced the government's intention to introduce a new cooperatives bill to address these challenges.

He also pledged to amend existing legislation to ensure a more robust regulatory framework for SACCOs.

"SACCOs have the potential to be powerful drivers of economic growth and social development in Kenya," CS Oparanya stated. "By strengthening their governance and providing them with the necessary tools and support, we can unleash their full potential."

Mr. Solomon Atsiaya, CEO of the Kenya National Police DT SACCO, echoed the Cabinet Secretary's sentiments, highlighting the critical role SACCOs play in economic development and community empowerment.

He stated, "SACCOs are vital pillars of our economy, but their success depends on their ability to remain relevant and responsive to the needs of their members."

“The DT SACCO is committed to innovation and member satisfaction. We are constantly looking for ways to enhance our products and services and improve the overall member experience,” he added.

The Cabinet Secretary also shared his vision for a future where SACCOs are empowered to self-regulate, with the government's role limited to ensuring the safety of depositors' funds.

Additionally, he reaffirmed the government’s commitment to revitalizing the Kenya Union of Savings and Credit Cooperatives (KUCSCO) and exploring potential funding options to support its operations.