Kenya’s President William Ruto emphasized the importance of cooperatives during a meeting at the State House on October 7. He expressed his strong support for the success of the savings and credit cooperative (SACCO) movement in Kenya to a delegation of African and U.S. credit union leaders, including World Council of Credit Unions’ (WOCCU) President and CEO Elissa McCarter LaBorde and Worldwide Foundation for Credit Unions’ (WFCU) Board Chair Bill Cheney.
WOCCU Board Member and ACCOSCA Executive Director George Ombado led the delegation, which also included African American Credit Union Coalition (AACUC) President and CEO Renee Sattiewhite, as well as cabinet secretaries from cooperative ministries of several African countries.
The meeting came just days before ACCOSCA hosted its 2024 SACCA Congress in Naivasha, Kenya.
“It was encouraging to hear President Ruto express his government’s strong support for the financial cooperative movement in Kenya. This level of visibility and national recognition of the critical role that SACCOs play in advancing financial inclusion and economic prosperity in Kenya and other parts of Africa are important for creating the enabling policy and regulatory environment we need to continue the growth of our global movement,” said McCarter LaBorde.
“ACCOSCA is convinced that the economic growth trajectory in Africa would be made possible through the cooperative sector. The President observed that our initiatives, as illustrated, are realigned with the government’s commitment to empowering its citizens through cooperative organizations,” said Ombado. “For ACCOSCA, financial cooperatives provide an opportunity for both an inclusive and enhanced governance approach that is needed to promote the image of SACCOs. President Ruto applauded us for bringing in development partners to harness the cooperative potential in Africa.”
Enhancing global partnerships for sustainable development
McCarter LaBorde also delivered an October 9 address to the SACCA Congress, which attracted an estimated 1,754 financial cooperative professionals from 42 countries.
Her presentation focused on how and why SACCOs and other financial cooperatives must prioritize sustainable development.
“We must be certain of sustainability.​ We are living at a time where the option to stay in our corners, in our country’s borders, doing what we do without thinking of the global interconnected impact we have as a human society, ​is not an option.​ Global partnerships, knowing we are stronger together than alone, is the only way we will succeed in the struggle to achieve sustainable development for ourselves and our planet,” said McCarter LaBorde.
She went on to emphasize that global partnerships among credit unions and other financial cooperatives play an important role in creating a unified voice for more enabling regulations, as well as shared learning on the intersection of products and services ACCOSCA members need for both climate adaptation and risk mitigation. McCarter LaBorde also discussed how credit unions must innovate to meet this challenge while maintaining their integrity as trusted, ethical community-based financial institutions.
Thomas Belekevich, WOCCU Director of Member Services, led a breakout session at the SACCA Congress that highlighted how engagement at the local, national and global levels strengthens the entire credit union sector. He also shared examples of the interconnectivity of relationships between SACCOs, their national associations, ACCOSCA and WOCCU.
“It is important for us to be advocating with a single voice,” said Belekevich. “Engagement makes that possible and is a powerful tool for finding solutions to our shared global challenges, inspiring shared service models through collaboration, and expanding relevance with youth, women and other underserved demographics.”
Now in its 24th year, the SACCA Congress is Africa’s largest annual financial cooperative event. It brings together every credit union on the continent and beyond to deliberate on issues taking eminence in the cooperative sector.
