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President salutes co-operative movement, directs more state support for SACCOs

Kenya’s cooperative movement is ranked the best in Africa and seventh best globally with an asset base of more than Sh1 trillion.

To enhance the contribution of saccos in the economic growth of the country, the President said the Government will increase policy interventions to fix identified loopholes in the sector.

“I direct the Ministry of Industry, Trade and Co-operatives to fast-track the formulation of the National Co-operative Policy and immediately operationalize the proposed Sacco Societies Fraud Investigation Unit (SSFIU) within the Sacco Societies Regulatory Authority (SASRA),” said the President.

President Kenyatta further called for the fast-tracking of the process of establishing a central liquidity facility which will enable saccos to participate in the national payment system and allow them to come up with more innovative products their members.

“Our Goal as government is to serve as facilitators and enablers, to clear the path for co-operatives so that they and their members can realize their full potential,” said the President.

He acknowledged the central role played by SACCOs in the economic stability of the country noting that cooperatives in Kenya have mobilized members’ savings and deposits in excess of Sh732 billion, feature an asset base of approximately Sh1 trillion and hold a loan portfolio of Shs 700 billion.

“Directly and indirectly, co-operatives account for 45% of Kenya’s Gross Domestic Product and 30% of national savings and deposits,” the President said.

The Head of State spoke at the Kenyatta International Convention Centre where he addressed celebrations to mark the 97th International Co-operative Day.

The President who had earlier in the morning joined thousands of dairy farmers at the inauguration of the revamped New KCC Dandora Factory and, presided over the official opening of NACHU Plaza and Mwalimu Towers respectively, said cooperatives play an integral role in fostering national unity besides their invaluable contribution in building individual as well as national prosperity.

“The cooperative sector is a towering example of what can be achieved through unity, through coming together for the common good, through hard work, enterprise, sacrifice and unyielding commitment to positive goals,” said the President.

The Head of State said the cooperative sector is one of the key partners in the achievement of the Big 4 Agenda programmes covering decent and affordable housing; affordable healthcare for all; food and nutrition security for all Kenyans and job creation and economic growth through manufacturing.

On housing, the President said the government is partnering with the cooperative sector to ensure that as many Kenyans as possible enjoy the dignity of owning their own decent homes.

“I am informed that with over 1,980 housing/investment cooperatives with an asset base of Sh31 billion, cooperatives are an ideal vehicle to provide at least 25% of the 500,000 new houses required across the country,” said the President.

Source: Capital FM

https://www.capitalfm.co.ke/news/2019/07/504788/

ISO 9001

KUSCCO QUALITY POLICY

We commit to consistently promote SACCOs through advocacy and provision of quality technical and financial products that exceed the members’ expectations.
We shall comply with the statutory requirements and actively pursue continuous improvement of the ISO 9001:2015 Quality Management System (QMS) processes, capabilities and effectiveness.
In pursuit of our commitment we shall ensure that the quality policy and objectives that have been established and communicated to the Union employees shall be reviewed annually in accordance with the stipulated framework and quality standards.”