“We intend to bring all SACCOs through a central platform where they can borrow from each other and also share IT infrastructure and facilities. We are also identifying affordable housing projects that can interest SACCOs. We have picked Cooperative Bank as the anchor banker for the cooperatives movement as we engage the Ministry of Housing and engage in risk-free and secure pipeline housing projects,” said Simon Kiprono Chelugui, CS Ministry of Cooperatives and MSMEs Development.
The Cooperatives sector has an asset base of KSh 1.5 trillion and a members’ loan portfolio worth KSh 980 billion, meaning 30 % of Kenya’s savings is held by this sector. He said this is thus a sector that needs to be nurtured, developed and inspired to reach greater heights.
The Kenya Kwanza administration has prioritised the co-operatives sector, aligning its plans to lift the living standards of the population at the bottom of the income pyramid.
Cooperatives will be critical components of all value chains. Thus, it is mapping all counties according to their value chains and will sensitize all CECs and cooperative officers at the county level.
Sub-sectors that have been given priority include dairy, cotton, ranching and beef production, horticulture, tea, coffee, and fishing industry, as part of priority value chains. Also included are sugarcane, pyrethrum, blue economy and edible oils.
He made these remarks at the Imarika SACCO ADM held on Monday, 6th March 2023.
