MOMBASA, Kenya, Feb. 24 – Two parliamentary committees have urged Saccos to mobilize their vast resources and invest in projects aligned with the Big Four agenda and Vision 2030.
Members of the National Assembly Committee on Commerce, Industry and Co-operatives and the Senate Committee on Tourism, Commerce and Industrialization noted that Saccos has been effective in helping the national government implement its flagship projects under the two pillars of development.
National Assembly Committee Chairman Adan Haji Ali and his Senate Deputy Chairman Getrude Musuruve commented Wednesday on the ongoing 7thth Annual Sacco Leaders Convention in Mombasa.
The leadership of the two parliamentary committees assured the Saccos that their respective houses will draft legislation that would allow cooperative movements to support the national government’s development plans.
For his part, Ali told over 900 Saccos executives during the four-day congress that Parliament has already enacted legislation that would create an enabling business environment in which their business could thrive.
He noted that the government’s Big Four agenda was consistent with mobilizing financial resources to implement the plan while ensuring that the development agenda focused on the key basic needs necessary to raise the living standards of Kenyans as they headed to high school are of crucial importance for middle-income countries by 2030.
“In addition, to support cooperatives in raising capital using capital market instruments and the establishment of a securities market for cooperatives, Parliament will consider such alternatives, with a critical focus on repositioning SACCOs towards supporting the government’s housing development plan. Food security through agricultural cooperatives,” he said in his speech, which was read by committee 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 link for improved investment and liquidity factors in our society. Mobilizing financial resources through financial technology will enable a successful savings and investment culture.”
For her part, Musuruve called on the members of the Kenya Union of Saving and Credit Co-operative Ltd (KUSCCO) to continually engage the bicameral legislature and propose legislation that would boost their businesses.
“Saccos play a huge role in making affordable housing and universal healthcare a reality. They have resources to develop hospitals and other institutions that support this country’s development agenda,” she noted.
The vice chair of the Senate Committee on Tourism, Commerce and Industrialization reiterated that her committee will facilitate the passage of legislation that would strengthen Saccos and address gaps and challenges facing the co-operative movements in the country.
She noted that the Covid-19 pandemic has impacted key sectors of the economy, including cooperative movements, and has challenged Saccos executives to embrace technology and create innovative business models that would support the growth of their investments.
Musuruve noted that the Saccos play a crucial role in creating jobs and increasing wealth in both the formal and informal sectors, and also contribute to the growth of the country’s economy.
Ali further pointed out that his committee will work to approve the National Cooperative Development Policy and will lobbied once it is presented in the National Assembly to revitalize commitment among national and regional governments to the sustainability of cooperatives.