Cooperatives Cabinet Secretary Wycliffe Oparanya is pushing for stronger governance in the Sacco sector to ensure sustainability across the country
Speaking while opening the Kenya Union of Savings and Credit Cooperatives (KUSCCO) 11th Annual SACCO Leaders’ Convention in Mombasa, the CS called for a review of Savings and Credit Cooperative Organisations (SACCO) regulations.
The CS emphasised the urgent need for reforms that will position SACCOs to thrive in an increasingly dynamic financial environment, alongside strengthening governance, innovation, and sustainability
Oparanya urged SACCO leaders to adopt clear long-term strategies ranging from five to 20 years, noting that strategic planning is essential for sustainable growth and competitiveness.
“The is the need for SACCOs to adopt a clear five-year to 20-year strategic plan to ensure long-term growth, financial stability, and competitiveness in the evolving financial landscape,” he stated.According to the CS, a structured and forward-looking approach will help SACCOs manage risks, embrace innovation, and remain resilient amid shifting market forces and regulatory changes.
He further underscored the importance of youth inclusion within the cooperative movement, calling on SACCOs to deliberately involve young people aged between 18 and 35 years.
Oparanya observed that empowering young members would inject fresh ideas and accelerate digital transformation within the sector.
“Empowering young members will inject fresh ideas, digital innovation, and ensure continuity in leadership.”Additionally, the CS proposed the development of a standardised curriculum in partnership with The Co-operative University of Kenya to harmonise training and governance standards across SACCOs nationwide.
“The curriculum will guide member education, leadership training, and governance standards, ensuring that all SACCO members across the country receive structured and uniform cooperative education,” he explained.
