CIC Group Partners with cooperative societies to improve governance, foster sustainable economic growth #AD

The summit’s objective was to equip the cooperative societies with knowledge, attitude and skills to support their entities to become sustainable drivers of economic resilience.

CIC aims to train over 5,000 leaders from the cooperative societies by the end of 2025, with an emphasis on financial literacy, cooperative governance, leadership and risk management and resilience for the cooperative societies and their members.

Speaking when officially opening the Summit, the Cabinet Secretary, Ministry of Co-operatives and Micro, Small and Medium Enterprises Development Dr. Wycliffe Oparanya hailed the work of cooperatives.

“Cooperatives are vital tools for financial inclusion, providing accessible financial services to millions of Kenyans who might otherwise be excluded from the formal financial system. As we look to the future, we must strengthen and adapt the cooperative sector to meet the challenges and opportunities of our time," he said.

"We must focus on enhancing cooperative entrepreneurship, improving governance, strengthening risk management, and embracing digital transformation. These are the building blocks for ensuring the continued success and sustainability of cooperatives in Kenya.”

The Cabinet Secretary was accompanied by his Principal Secretary, Patrick Kilemi, and Mr. David Obonyo, the Commissioner of Cooperatives.

The sector plays a pivotal role in the economy by providing members with access to credit, savings and investment opportunities, especially in rural and underserved communities.

In Kenya, cooperatives boast a membership of over 14 million members, controlling assets exceeding Ksh.1 trillion, and account for almost 30% of the national savings.

Speaking during the event, Mr Patrick Nyaga, the Group Managing Director and CEO at CIC Insurance Group, said that the company seeks to cultivate a robust environment for cooperative societies to thrive locally and in the region through continuous capacity building, technological adoption and financial solutions.

“Cooperatives are the backbone of financial inclusion in Kenya, and as we mark the International Year of Cooperatives in 2025, our contribution to their sustainability goes beyond providing risk and asset management solutions to empowering them for resilience through capacity building,” said Mr Nyaga.

The summit, themed “Promoting Sustainable Cooperative Enterprises,” brought together key stakeholders, policy makers and industry leaders from cooperative societies to discuss the new cooperatives bill, as well as provide a platform to table pressing challenges.

In the summit, cooperative leaders had the opportunity to discuss and explore innovative solutions for their members, as well as deliberate on how to strengthen the sector’s role in national economic growth.

CIC Insurance Group has further actively engaged in inculcating leadership and governance skills among cooperative society leadership through national and localised training.

Additionally, the organisation has provided tailored risk management solutions among other financial services, such as life insurance, business protection, and asset management, ensuring cooperatives are well covered.

The summit sets the stage for an inclusive and collaborative sector, calling for action from local and regional cooperative leaders to embrace sustainable business practices and leverage technological advancements, reinforcing the resilience of Kenya’s cooperative movement.