The State Department for Co-operatives Development is in the process of operationalising the Central Liquidity Facility and Sacco Shared Services.
“The platform will enable co-operatives to participate in the national payments system, facilitate inter-borrowing among Saccos and sharing of ICT services,” said David K Obonyo, Commissioner for Co-operative Development.
He made these remark while presiding over the Ukulima Sacco Society Annual Delegates Conference(ADC) at Nairobi’s Serena Hotel recently.
Obonyo listed some of the achievements made in the co-operatives sector, including credit information sharing among DT Sacco-which mitigates against risks in loan delinquency in SACCOs, the establishment of the Sacco Societies Fraud Investigation Unit(FIU) domiciled at SASRA to deter misappropriation of SACCO funds and boost Kenyans’ confidence in the sub-sector and The C0-operatives Bill 2020 which was validated on November 30th 2021 and has been submitted to the Attorney General for further processing.
” Currently, co-operatives in Kenya have collected savings and deposits of over KSh 850 Billion with an asset base of over KSh 1.2 Trillion and a loan portfolio exceeding KSh 806 Billion,” said Obonyo.
He said co-operatives contribute about 30% of national savings.
Obonyo said that despite the economic challenges faced in the country in the past two years, Ukulima Sacco registered positive results as reflected in their statistics.
The Society’s Deposits increased from KSh 9.12 Billion in 2020 to KSh 9.75 Billion in 2021. The loan book grew from KSh 10.18 Billion to KSh 11.05 Billion. Asset Base grew from KSh 12.74 Billion to KSh 13.78 Billion.
” This is a commendable performance given the difficult economic environment. Having built this remarkable partnership with Kenya Mortgage Refinance Company, Ukulima Sacco continues to provide mortgage loan products to members, contributing to the Big Four Agenda by providing affordable housing,” said Obonyo.
He urged Ukulima Sacco to embrace good corporate governance in all its operations to remain competitive and sustain its market share.
