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EXECUTIVE BRIEF
WORD FROM THE MANAGING DIRECTOR’S DESK
enhance capacity in readiness for its adoption. This will also
require capital expenditure, which SACCOs can pool through
national associations such as KUSCCO on a shared platform basis.
In addition, the movement also marked the International Co-
operatives Day, Ushirika Day. Themed ‘Co-operatives for Decent
Work’, the day highlighted the contribution of Co-operatives in
the creation of job opportunities for their members.
The commemoration increased awareness and appreciation for
the role played by Co-operatives in human development and
social-economic transformation.
Speaking during the celebrations, H.E President Uhuru Kenyatta
applauded Co-operatives for their role in economic development.
Kenya’s Co-operative movement is ranked the best in Africa and
seventh-best globally.
The Head of State also called for increased policy interventions to
fix and identify loopholes in the sector. This is the right approach
to deal with the challenges facing the movement.
A policy framework needs to be responsive to the needs of the
sector and address the emerging issues, which were not captured
in the current regulations.
Welcome to the 48th issue of The This was also the subject of the discussions between the Kenya
SACCO STAR. The last issue of the Union of Savings and Credit Co-operatives (KUSCCO) and
year. This is an opportunity to examine Members of the Parliamentary Committee of Trade, Industry and
what has been while crystallizing the Co-operatives recently.
future of the SACCO movement.
The lawmakers, while expressing support for the National Co-
operative Policy, said the new law will revolutionize the sector.
There is a need to fast-track the enactment process to provide a
base for legislative review and streamline the movement.
The world is at the cusp of a digital revolution, driving The objective of the policy is to provide a framework that
the reconfiguration of industries and expanding business promotes sustainable and competitive Co-operatives for socio-
opportunities for early adopters. This was the subject of the economic development in a devolved system of governance.
recently held World Council of Credit Unions Conference in
the Bahamas. In addition, the successful drilling of a borehole to enable the
construction of an irrigation system for Kanoto Horticultural
Experts and advisors spoke on the need for SACCOs and Farmers Society, through the support of WOCCU and KUSCCO,
Credit Unions to use technology to drive innovation and will benefit hundreds. SACCOs can learn from such projects on
develop their services. Technology is not a disruptor. Rather, best farming practices and job creation. The Smart Water for
it is an enabler and catalyst providing interconnectivity and Agriculture (SWA) initiative supports efforts to increase access to
linkage. smart water solutions and financing.
World over, the financial services sector is positioning for In conclusion, we celebrate the gains made by the movement in
the adoption of blockchain, the record-keeping technology this calendar year and look forward to a prosperous 2020.
behind cryptocurrencies, such as Bitcoin. This distributed
ledger can record transactions in a verifiable and permanent God bless Kenya and the Co-operative movement.
way.
In the future, this technology will transform SACCO MBS, ICUDE
operations. This means that SACCOs need to progressively Group Managing Director, KUSCCO Limited
4| SACCO Star Magazine
