A Sacco in Western Kenya with Sh12 billion assets has pledged to extend support to other Saccos to help them grow and offer financial solutions to Kenyans.
Invest and Grow Sacco chairman Kennedy Keya said they are available to address challenges of governance, financial control and leadership that such organisations go through.
“We welcome you to benchmark with us so that we can grow the economy of Western region,” he said.
He expressed optimism that the Sacco movement has made a milestone by contributing about 45 per cent to the country's Gross Domestic Product.
“Saccos will soon receive finances directly from the Central Bank of Kenya just like banks do. This is after the formation of Sacco Central,” he said.
He said Sacco Central has been formed as an organisation by the Co-operative Development commissioner through an interim committee set up by the Sacco Societies Regulatory Authority, and is awaiting Cabinet approval to become operational.
Kakamega Agriculture executive Geoffrey Omulayi said IG Sacco has grown tremendously to the point where some county workers draw salary from it.
He said that the county will continue to support co-operative societies, adding that during the 2021-22 financial year, the county disbursed Sh20 million to Saccos as grants to increase membership and improve on their services.
Omulayi also said the funds enabled Saccos in Lugari and Likuyani to pool resources together and produce quality maize which they sold to the World Food Programme at Sh3,000 per 90kg bag.
(edited by Amol Awuor)
