Cooperatives and Micro, Small and Medium Enterprises Development Cabinet Secretary Simon Chelugui has underscored the critical role played by the cooperative movement in national development.
Speaking during the launch of the invest and grow Sacco’s strategic plan, Chelugui said cooperative business model is an ideal vehicle to ensure success towards financial inclusion for the majority of Kenyan population, who would otherwise not have access to financial services from conventional institutions.
He said his ministry is undertaking reforms in the cooperative sector through review of the policy and legal frameworks and restructuring in recognition of the crucial role of cooperatives in financial inclusion.
“Cooperative societies and Saccos will therefore be a way of life and the Kenya Kwanza Government, will be using the institutions for delivering its services to the people in the broader bottom up economic transformation agenda.” Observed the CS.
Chief executive officer Peter Vuhyah said the launch marked a significant milestone for the Sacco as it embarks on a journey of growth, innovation and service excellence.
The strategic plan has six key pillars namely; membership growth, financial management, products and services, ICT, human resource, governance and leadership.