Mentor Sacco opposes new proposed amendments into Co-operative Societies Act

Kenya’s Mentor Sacco has passionately opposed the recently mooted and mysterious legislation tabled on the floor of the House by the Leader of Government Business Aden Duale in September last year.

Speaking during an Annual General Meeting (AGM) last week, the Sacco’s Chairman Anthony Kamau vehemently said such a move could have huge ramifications on Savings and Credit Cooperative Societies (Saccos) across the country, and whose calls should be defeated at all cost.

The new proposals strongly being challenged by majority of Saccos is among other factors meant to amend the Co-operative Societies Act, Cap 490 and the Sacco Societies Act, Cap 490B, to introduce a new, privileged class of Sacco members called “Social Impact Members” who were supposed to be outsiders –without savings in any Sacco, something that could change how Saccos function, should it see light of the day.

“You should be cautious, the thief comes into the night to steal, he could do so through the Parliament like he’s trying to. This could be suspicious money being channeled into our Saccos to cripple our growth, we should avoid it at all cost,” he remarked while addressing his members in Muranga’ town, where the Sacco is headquartered.

The Bill whose author is still not known had received hostility from its first reading in Parliament with Sacco lobbies – the Co-operative Alliance of Kenya and the Kenya Union of Savings and Credit Co-operatives (Kuscco) admitting to not have been consulted and whose creation pose threats to the survival of Sacco movement in the country.

“This Bill will be defeated in the event it is passed by MPs,” said Mentor Sacco’s Kamau.