Page 6 - Ramco JO SACCOStar _Vol 50.indd

EXECUTIVE BRIEF
WORD FROM THE MANAGING DIRECTOR’S DESK
Welcome to the 50th issue of The
SACCO STAR.
This comes at a tumultuous time. The
world is ravaged by a global pandemic,
the scale of which has not been
experienced since the 1918 influenza
pandemic.
By late April, more than half of the global population
had been sent into lockdown, with over 2.7 million
infections and over 190,000 deaths reported in 185
countries.
According to the International Monetary Fund (IMF), containing the changing member needs.
the pandemic has triggered an economic downturn. The
financial services sector has experienced price volatility not In conclusion, the Union remains steadfast in its mandate
seen since the 2008 Financial Crisis and ensuing recession.
The SACCO Sub Sector has not been spared by the COVID19
Pandemic and the business environment has been affected
with many SACCOs facing poor loan repayments and reduced
savings from their members. This is a trend that is likely to
stretch for a while.
We advise SACCOs to go slow on short term external
borrowing, reduce long term lending, retain interest on loans
4 | SACCO Star Magazine
as agreed by respective SACCO boards and restructuring of
loans where need be, on a case by case basis.
The Union advises all SACCOs to continue monitoring the
pandemic while proactively communicating with their
members on the ways of prevention and adherence to
directives by the Ministry of Health.
This 50th issue also comes at a critical juncture for the
magazine, achieving a milestone 50 issues!
The SACCO Star brand started out as a tabloid newspaper
in the late 1990s, a period that saw the liberalization of the
media and a proliferation of alternative press.
In seeking to fill the void in disseminating co-operative news,
SACCO Star was conceived as the voice of the co-operative
movement. Since the turn of the Century, it has transitioned
from a monthly tabloid newspaper to its current format as a
quarterly magazine.
Despite the surge of digital media, this model has adapted
to thrive through innovation while remaining true to the
founding principles of ethical journalism; accuracy, objectivity
and accountability.
Advances in digital technology have also augmented the
aesthetics of the SACCO Star. In this issue, the magazine
transitions to matt printing and lamination, reflecting the
dynamics of the industry.
This disruption wrought by technology also informed the
theme of this year’s SACCO Leaders Convention, an annual
forum of SACCO leaders to examine the emerging issues in
the sector.
SACCO leaders examined choices for SACCOs, how SACCOs
can address disruption, finding core competencies, regulation
and compliance, leadership and governance in times of
disruption, and rethinking the traditional SACCO business
model. Part of the resolutions from the Convention is that
there is need for SACCOs to adopt technology and reflect on
of representing our members in legal matters and business
requirements during the Coronavirus pandemic.
Remember there is Life beyond COVID-19!
We shall Overcome! Stay Safe!
God bless Kenya and the Co-operative movement.
MBS, ICUDE
Group Managing Director, KUSCCO Limited