Recently, there has been a considerable push to strengthen the decision-making capabilities of Sacco leaders, who oversee assets nearing a staggering Ksh1 trillion. This initiative includes extensive training programs and workshops, aiming to furnish them with cutting-edge management techniques and insights from seasoned experts. By analyzing success stories within the sector, these leaders are learning to navigate their entities toward stability and profitability.
SASRA’s Chief Executive Officer, Peter Njuguna, stressed the importance of maintaining transparency and fostering open dialogue within the sector. “The nature of your business demands openness, as it serves the public interest. There’s much to be gained from mutual learning,” Njuguna remarked. His comments came during the 2024 Sacco Industry Annual Regulatory Policy Roundtable, hosted by SASRA at Lake Naivasha Resort in early June, marking the event’s third iteration.
Notable gatherings, like the third Annual Leaders’ Summit by the Kenya Teachers Sacco Association (KETSA) at the same locale, are a testament to the idea of arming Sacco leaders with relevant knowledge and skills for their day-to-day operations. Moreover, organizations like the Cooperative Bank, Kuscco, and CIC have proactively offered workshops targeting key aspects of Sacco management.
Njuguna highlighted the collective drive among leaders and stakeholders to elevate the Sacco sector through effective collaboration and partnership. He observed, “This forum has proved invaluable. It goes beyond individual meetings, allowing us to tackle broader issues affecting multiple Saccos – a crucial aspect of our work.”
He also pointed out the importance of creating a safe environment where issues, whether regulatory or business-related, can be discussed openly. According to Njuguna, a significant portion of these issues, about 70%, doesn’t require regulatory intervention. This belief underscores the value of sharing experiences and insights as a way of finding solutions.
The collaborative ethos extends to the adoption of best practices among leaders, fostering an environment where businesses evolve to meet established standards and practices intrinsic to the sector.
SASRA’s Chairman, Jack Ranguma, echoed these sentiments, noting the forum’s role in addressing industry challenges through collaborative discussion. The Forum, themed “Driving sustainable growth and resilience in the Sacco industry through enhanced governance and innovation”, tackled a range of topics from environmental governance and green financing to combating financial crime.
Highlighting the Sacco sector’s broad impact, Nakuru County’s Director of Cooperatives, Ms. Josephine Ngandu, remarked on its significant role in the Kenyan economy. With Saccos directly affecting over 6.84 million Kenyans, their leadership’s decisions have far-reaching implications on people’s aspirations and economic welfare.
