Saccos benefit from international collaborations.
Kenya’s co-operative movement will benefit from international best practices through global partnerships, according to Co-operatives and Micro Small and Medium Enterprises Cabinet Secretary Simon Chelugui.
The CS presided over the signing of a Memorandum of Understanding (MoU) between Trustage and the Africa Confederation of Co-operative Savings and Credit Associations (ACCOSCA) in the United States and highlighted the vibrancy of Savings and Credit Co-operative Organizations (Saccos) in Kenya.
Kenya’s co-operative movement is currently the largest in the continent, with over six million members.
Last year, the United States announced five new investments totaling $19.7 million, about Ksh3 billion, to support Kenya’s co-operative sector.
Funding for the investments will be provided by the United States Agency for International Development (USAID) over five years. Kenyan and U.S. private-sector partners are expected to invest an additional $9.3 million in the projects, collectively benefiting at least 500,000 Kenyan co-operative members and households.
Additionally, Saccos in Kenya also benefitted from the $9.3 million accelerating growth and inclusion in lending for Credit Unions (AGIL4CU) project. World Council of Credit Unions (WOCCU) is implementing the five-year initiative funded through the USAID Co-operative Development Program in Kenya, Burkina Faso, Senegal, and Guatemala. The implementation started in October.
The AGIL4CU Project (2023-2028) will advance credit unions’ ability to provide value to their members and contribute to the economic development of their communities while extending business financing to underserved market segments, including women and youth.
