The government is fast-tracking the passage and enactment of the new Cooperatives Bill that will modernize the sector and make it more beneficial to millions of members of cooperative societies spread across the country, Deputy President Kithure Kindiki has said.
Prof. Kindiki stated that President Ruto is set to sign the Bill into law in under a month paving the way for the overhauling of the sector in a bid to make it more transparent, efficient and technologically savvy.
“Within a month, the Bill will be signed into law by the President so that we can modernize this sector, improve transparency and governance as well as make it digitally conversant,” DP said.
Speaking on Saturday when he graced the 104th Ushirika Day celebrations at Uhuru Park in Nairobi, Prof. Kindiki said the Kenya Kwanza Administration has placed cooperatives at the centre of its development agenda hence the acceleration of the sector reforms.
The creation of a standalone Ministry of Cooperatives and MSMEs, he reiterated, reflects the seriousness the administration treats the sector.
“The Cooperatives Bill currently before Parliament, alongside the ongoing SACCO reforms, will reinforce public confidence by promoting sound governance and protecting the savings of the more than eight million Kenyans who have entrusted SACCOs with deposits exceeding KSH 1 trillion,” he added.
While underscoring the role played by the cooperatives in the improvement of livelihoods mostly at the grassroots, the Deputy President said it is crucial to implement a modern legal and regulatory framework that enables the societies to grow, compete and deliver greater value to their members.
“Our goal is to build cooperative institutions that are transparent, financially sound, professionally managed and resilient enough to drive inclusive economic growth and support the successful implementation of the Bottom-Up Economic Transformation Agenda,” he assured.
Through various cooperative entities, Prof. Kindiki emphasized, farmers have improved production and secured better markets, workers have mobilized savings and accessed affordable credit, while families have educated their children, built homes and established businesses.
To ensure the movement remains strong and effectively responds to contemporary needs, the Second in Command pressed for inclusion of youth and women in the cooperatives and in their management.
“We must encourage the youth to keep this tradition of joining the cooperative movement to be able to succeed in business and other ventures,” DP noted.
With the government accelerating the realization of its flagship projects, Prof. Kindiki said the cooperatives are properly positioned to play a big role in increasing agricultural productivity, strengthening Micro, Small and Medium Enterprises, expanding affordable housing, supporting Universal Health Coverage and advancing the digital economy.
“They also remain one of the most practical pathways for addressing youth unemployment by enabling young people to organize themselves, mobilize capital, establish enterprises and become creators of jobs rather than seekers of jobs,” he stressed.
Prof. Kindiki appreciated the role the Ministry of Cooperatives is playing in streamlining and advancing the sector, promising to push for higher budgetary allocation to enhance the sector and double cooperatives’ enrollment from the current 14 million members.
“We thank the members of Saccos for developing a savings and productivity culture and taking part in national development. I look forward to greater development in our country with the cooperatives sector playing a bigger role,” DP said.
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