Savings and Credit Co-operative Societies have been urged to tap into the Small and Medium Enterprises (SMEs) sub-sector to grow their business and promote entrepreneurship.
Co-op Bank director for cooperatives banking division Vincent Marangu said Saccos stand to benefit a lot from such initiatives while enabling their members to rebuild better social and economic status in the face of the Covid-19 pandemic.
“The government increased its budget allocation in agriculture and housing sectors. Saccos can tap and benefit from this,” he said.
He urged housing cooperatives societies to take advantage of the government’s increased funding to assist their members’ own homes.
“Many Saccos have their surplus lying idle when they can benefit from other types of investment,” he said.
The expressed optimism that cooperatives will remain resilient while standing in solidarity with their members in these challenging times.
He urged Saccos to digitize their operation and ensure they safeguard systems from cyber frauds.
