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CS Oparanya calls for good governance to strengthen Kenyan SACCOs
Founded in 2009, SIC Investment Co-operative, whose business hinges on real estate, securities, and private equity, has experienced transformation, remained profitable, and continuously supported investors in achieving financial security. The company has also experienced growth, largely supported by its more than 5,000 members, acquisition of more than 150 land projects, issuance of more than 4,000 titles to investors, and successful delivery of more than 600 fully paid housing units to investors.
By Steve UMIDHA
Cabinet Secretary for Cooperatives and Micro, Small, and Medium Enterprises (MSMEs) Development, Wycliffe Oparanya, has highlighted the urgent need for reforms and good governance and a renewed focus on member satisfaction within Kenya’s cooperative sector.
During a press briefing with the Safaricom Investment Co-operative which officially changed its name to “SIC Investment Co-operative,” Oparanya stressed the importance of strong corporate governance, revealing that the government, through the proposed cooperatives bill will address these challenges.
“Cooperative societies have been identified and prioritised as key enablers of the financial inclusion aspiration of the government as envisioned in the Bottom-Up Economic Transformation Agenda (BETA),” said Oparanya.
Further adding that, consequent to this, and in an effort by the government to accelerate financial stability and stimulate access to convenient and affordable financing by Kenyans, especially the MSMEs, the government is mobilising the cooperative sector players into a conversation towards improving the management and efficiency in the sector, bearing in mind the recent cases of mismanagement of cooperatives that have led to embezzlement of members funds.
Adding that the government is also harmonising various legal and regulatory frameworks and realigning them to the current needs and realities as envisioned in BETA; so that it can ensure that we have a well-governed and sustainable cooperative society ecosystem that protects the interests of all the members.