Kenya's cooperative sector braces for sweeping reforms to boost growth
Cooperatives and MSMEs Development Cabinet Secretary Wycliff Oparanya has intensified his quest to institute radical reforms in the country's cooperative movement. The CS said the reforms will ensure that Saccos are self-sustaining. He said the government will be implementing a report of a committee that will ensure an overhaul of the Cooperatives Act to ensure growth. "There have been a lot of rumours that the government wants to come up with legislation to control the cooperative movement. We are only coming up with legislation to make the environment conducive for cooperatives to thrive," he stated. Oparanya spoke after addressing the African Confederation of Cooperative Savings and Credit Associations (Accosca) Eastern regional bloc forum in Mombasa County. He was responding to social media reports he claimed had misinformed Kenyans that there was a sinister motive in the proposed overhaul of the legislation governing the cooperative movement. The CS assured that the intention of the reforms is to protect members' savings and ensure growth. Oparanya was accompanied by Cooperatives and MSMEs Principal Secretary Patrick Kilemi, Accosca Executive Director George Ombado, Accosca board Chairperson Jeanette Makgolo among others. Participants who came from 19 countries noted that cooperatives aid financial inclusivity and thrive when there is public trust. Makgolo called for close collaboration between Accosca and governments to ensure a conducive environment for the cooperatives to grow on the continent and expand financial inclusivity. "We believe whatever happened in the past has worked for us. We are working with the government to transform the cooperative movement on the continent. We are doing it from the grassroots, and we are interested in achieving inclusivity," she said. The forum brought together close to 250 eminent cooperative leaders, policymakers, regulators, and industry experts from 19 countries across Africa, the United States of America, Australia and Europe. At a time when the Kenyan cooperative and credit union sector is undergoing significant transformation, the forum highlighted the critical leadership role being played by Accosca in advancing financial inclusion and empowering cooperative institutions to serve their members better in an evolving economic landscape.
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