MOMBASA, Kenya Feb 24-Two parliamentary committees have called on Saccos to mobilize their vast resources and invest in projects that are aligned to the big four agenda and vision 2030.
Members of the National Assembly Committee on Trade, Industry and Cooperatives and the Senate Committee on Tourism, Trade and Industrialization noted that Saccos were effective in helping the national government realize its flagship projects under the two development pillars.
The National Assembly committee chairman Adan Haji Ali and his Senate Vice-chair Getrude Musuruve made the remarks Wednesday while addressing the ongoing 7th Annual Sacco Leaders Convention in Mombasa.
The leadership of the two parliamentary committees assured the Saccos that their respective houses will develop legislations that would enable cooperative movements to support the national government development plans.
On his part, Ali told over 900 Saccos leaders during the four-day convention that the parliament has already legislated laws that would create an enabling business environment where their business flourish.
He observed that the government’s Big Four agenda resonated with the mobilization of financial resources for the realization of the plan while ensuring that the development agenda focuses on key basic needs that are critical in uplifting the standards of living of Kenyans on the path to becoming an upper middle -income country by 2030.
“Additionally, to support Cooperative Societies to raise capital using capital market instruments and the establishment of a securities market for cooperative societies, parliament will consider such alternatives with critical focus on re-positioning SACCOs on the path of supporting the Government development plan on Housing, Food security through Agro-based Cooperatives,” he said in his speech read by the committee’s member Jones Mlolwa
He added: “The Kenya Vision 2030 under the economic pillar on the other hand has identified the performance of financial services as the nexus for improved investment and liquidity factor in our society. Mobilization of financial resources through financial technology will allow for successful savings and investment culture.”
On her part, Musuruve challenged Kenya Union of Saving and Credit Co-operative Ltd (KUSCCO) members to continuously engage the bicameral legislative bodies and propose legislations that would stir their businesses.
“Saccos are very instrumental in the realization of affordable housing and universal health care. You have resources to come up with hospitals and other institutions that support the development agenda of this country,” she noted.
The Senate Committee on Tourism, Trade and Industrialization vice-chair reiterated that her committee will facilitate the passage of laws that would strengthen Saccos and address gaps and challenges facing the cooperative movements in the country.
She noted that the Covid-19 pandemic has affected key areas of the economy including cooperative movements and challenges Saccos leaders to embrace technology and develop innovative business models that would help support growth of their investments.
Musuruve observed that the Saccos play crucial roles in creation of jobs and wealth empowerment in both formal and informal sectors besides contributing towards growth of the country’s economy.
Ali further indicated that his committee will advocate and lobby for the approval of the National Co-operatives Development Policy once it is tabled in the national assembly to revitalize engagement between the national and county governments for the sustainability of cooperative societies.
