Attracting a Worldwide Audience for Impact with the Upcoming 2024 SACCA Congress

At the heart of East Africa, Kenya stands as a premier destination, offering an exceptional blend of business opportunities and unmatched tourism experiences. Beyond its natural wonders, Kenya's warm and hospitable people, rich traditions, and captivating history create an immersive cultural experience. As an economic powerhouse in the region, Kenya enjoys a thriving and diversified economy, attracting investors and entrepreneurs from around the globe.

Underpinning Kenya's economic vitality are the nation's robust cooperative financial institutions, known as Savings and Credit Co-operative Societies (SACCOs). These member-owned and democratically controlled organizations play a pivotal role in promoting financial inclusion, mobilizing savings, and providing affordable credit across the country. The SACCO sector has witnessed remarkable growth, with 359 regulated entities operating in 2022, including 176 Deposit-taking SACCOs (DT SACCOs) and 183 Non-Withdrawable Deposit-Taking SACCOs (NWDT-SACCOs). Their total membership grew by 7.02% to reach 6.42 million members, representing a significant portion of the population.

This expansion can be attributed to an increase in member enrollment, the introduction of innovative products tailored to diverse needs, and the integration of technology that has enhanced accessibility and convenience for members. Consequently, the SACCO sector's assets have grown substantially, reaching Ksh890.3 billion ($7.7 billion) in 2022. The regulatory framework, including the SACCO Societies Act 2008 and oversight by the SACCO Societies Regulatory Authority (SASRA), has played a crucial role in this growth by ensuring prudential management, transparency, and adherence to best practices, thereby enhancing public trust in the sector.

Against this backdrop, Kenya will host the 2024 SACCA Congress in Naivasha from October 6-12, 2024. Organized by the Kenya Union of Savings and Credit Cooperatives (KUSCCO), African Confederation of Cooperative Savings and Credit Associations (ACCOSCA), and Ministry of Cooperatives and MSMEs Development, this premier Africa financial cooperatives event aims to unite the sector to explore opportunities, address challenges, and showcase cooperatives' role in sustainable development. At the helm of this prestigious gathering will be His Excellency Dr. William Samoei Ruto, C.G.H., President of the Republic of Kenya and the Commander-in-Chief of the Kenya Defence Forces. With over 2000 cooperators from 42 countries across 6 continents expected, the Congress embodies the true spirit of cooperation.

KUSCCO, the Umbrella Union for SACCOs in Kenya, is committed to embracing cooperation among cooperatives. For the past 50 years, KUSCCO has lobbied for members' interests, providing advocacy, education, and technical services. By representing SACCOs' interests and ensuring their voice is heard in key decision-making processes, the Union significantly contributes to the growth, stability, and resilience of Kenya's SACCO sector.

Don't miss this opportunity to connect, learn, and shape the future of cooperatives at the 2024 SACCA Congress.

To register, click here: GTR (gtrnow.com)

ACCOSCA and VISA Launch Partnership to Drive Financial Inclusion in Kenya and Tanzania

By Linda Karimi

The African Confederation of Cooperatives Savings & Credit Association (ACCOSCA) and VISA, a global digital payments provider, have unveiled a partnership to improve access and usage of formal financial services in Kenya and Tanzania.

The initiative, dubbed Financial Inclusion in Kenya and Tanzania (FIKT), is designed to leverage the cooperative and SACCO sectors, and the Visa infrastructure, to reach unbanked and underbanked individuals across the two countries.

Launched in March this year, FIKT, ACCOSCA said, is poised to make a positive impact on financial inclusion and economic growth, particularly for Micro, Small, and Medium Enterprises (MSMEs) in Kenya and Tanzania, a large portion of whom are members - or potential - members of SACCOs. 

“The project aims to achieve this by supporting the development and delivery of innovative and affordable financial products and services tailored to the needs of the target segments. It also seeks to enhance the capacity and sustainability of participating cooperative societies and their apex organizations, as well as create a conducive policy and regulatory environment for financial inclusion,” a statement from ACCOSCA reads in part.

Speaking during the partnership launch, Simon Chelugui, chief guest and Cabinet Secretary for the Ministry of Cooperatives and Micro, Small, and Medium Enterprises Development, emphasized the role of SACCOs in Kenya's economy, noting that they have been a keystone of Kenya’s financial services at the grassroots level.

 “FIKT project aligns with the National Government's efforts to provide services to the underbanked, ensuring that no Kenyan is left behind in the journey towards prosperity as envisioned by the Bottom-Up Transformation Agenda. This project aims to address the challenges faced by men, women, and youth in Africa in accessing financial services and resources, ultimately aiming to create an inclusive and enabling environment to support communities in overcoming financial barriers and achieving their economic aspirations,” he said.

Eva-Ngigi-Sarwari, Country Manager of Visa Kenya, elucidated the importance of a blend of financial education and the uptake of digital payments in advancing financial inclusion and economic growth for MSMEs in Kenya and Tanzania. She echoed the need for targeted training programs for women and promoting cooperatives in Africa to expand outreach and accessibility, emphasizing the benefits and functionalities of digital financial services through educational programs.

Arnold Munene, Acting Managing Director of KUSCCO, lauded the partnership as a win-win situation and expounded the crucial role of digitization in enhancing financial inclusion for SACCOs. He emphasized the benefits of digitization, including improved access, cost reduction, convenience, and expanded markets, leading to increased membership, higher savings, and financial stability for organizations.