Page 10 - Issue 48_press_efile
P. 10
USHIRIKA DAY
PRESIDENT DIRECTS INCREASED POLICY
INTERVENTIONS TO FIX LOOPHOLES IN SACCOS
The President said Co-operatives play an
integral role in fostering national unity
besides their invaluable contribution in
building individual as well as national
prosperity.
“The Co-operative 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.
President Uhuru Kenyatta joins Co-operative leaders during He added that the Co-operative sector is
the Ushurika Day celebrations - Photo PSCU one of the key partners in the achievement
of the Big 4 Agenda programmes
By Ngumbo Njoroge covering decent and affordable housing;
affordable healthcare for all; food and
SACCOs and their members will soon nutrition security for all Kenyans and job
enjoy cheaper loans following a creation and economic growth through
directive by President Uhuru manufacturing.
Kenyattta for the establishment of a
central liquidity facility. “I direct the Ministry of Industry, Trade On housing, he said the government
and Co-operatives to fast-track the is partnering with the Co-operative
President Kenyatta called for the fast- formulation of the National Co-operative sector to ensure that as many Kenyans
tracking of the process to establish a Policy and immediately operationalize as possible enjoy the dignity of owning
central liquidity facility which will enable the proposed SACCO Societies Fraud their own decent homes.
SACCOs to participate in the national Investigation Unit (SSFIU) within the
payment system and allow them to come SACCO Societies Regulatory Authority “I am informed that with over 1,980
up with more innovative products for (SASRA),” said the President.
their members. Housing/Investment Co-operatives
He applauded Kenya’s Co-operative
The Head of State issued the directive movement for the invaluable role it has with an asset base of Sh31 billion, Co-
during celebrations to mark the 97th played in the country’s progress.
International Co-operative Day, Ushirika operatives are ideal vehicles to provide
Day, at the Kenyatta International “Kenya’s Co-operative movement is
Conference Centre. ranked the best in Africa and seventh at least 25 percent of the 500,000 new
best globally with an asset base of more
“Our goal as government is to serve as than Sh1 trillion,” he said. houses required across the country,” said
facilitators and enablers, to clear the
path for Co-operatives so that they and President Kenyatta acknowledged the the President.
their members can realize their full role played by SACCOs in the economic
potential,” said the President. stability of the country, noting that Co- He revealed that 12 Deposit-Taking
operatives in Kenya have mobilized SACCOs have subscribed to the Kenya
In addition, the President said the members’ savings and deposits in Mortgage Refinance Company which
Government will increase policy excess of Sh732 billion, an asset base was established as a vehicle to unlock
interventions to fix identified loopholes of approximately Sh1 trillion and hold a liquidity for mortgage financing under
in the Co-operative sector to enhance loan portfolio of Sh700 billion. the government’s affordable housing
the contribution of SACCOs in the programme.
economic growth of the country. “Directly and indirectly, Co-operatives
account for 45 percent of Kenya’s Gross The President who applauded the
Domestic Product and 30 percent of successful government interventions in
national savings and deposits,” the Co-operatives like the Kenya Cooperative
President said. Creameries said he was disappointed
with the performance of Kenya Planters
Co-operative Union (KPCU) and the
Kenya Farmers Association (KFA).
Consequently, he directed the Ministry
of Trade to undertake a restructuring of
the two giant Co-operatives.
8| SACCO Star Magazine
