Oparanya Hails SACCO Growth
Kenya is widely regarded as having one of Africa’s most vibrant cooperative sectors, with thousands of registered cooperatives serving millions of members.
Photo: Courtesy.
By Margaret Naishorua
Kenya’s cooperative movement has emerged as one of the country’s strongest economic pillars, with the government promising fresh reforms to strengthen governance and protect millions of members who rely on SACCOs for savings, credit and investment.
Cabinet Secretary for Cooperatives and Micro, Small and Medium Enterprises Development Wycliffe Oparanya made the remarks during the National Ushirika Day Awards Gala in Nairobi, where more than 100 outstanding savings and credit cooperative societies were recognized for excellence in governance, innovation and financial performance.
Oparanya said cooperatives have evolved beyond traditional savings groups into major drivers of economic development, helping families build wealth, supporting businesses and expanding financial inclusion across the country.
He noted that the cooperative movement has continued to contribute significantly to Kenya’s Gross Domestic Product by mobilizing savings, financing investments and creating employment opportunities in both rural and urban areas.
“Cooperatives have made a significant contribution to Kenya’s Gross Domestic Product and have improved the lives of millions of Kenyans through savings, credit and investment,” Oparanya said.
He added that the sector remains critical to agriculture, education, environmental conservation and the growth of micro, small and medium enterprises, making it one of the government’s strategic partners in achieving inclusive economic development.
To strengthen the sector, the Cabinet Secretary said the government is pushing for the enactment of the Cooperatives Bill No. 7 of 2024, which is currently before Parliament.
According to Oparanya, the proposed legislation seeks to improve accountability, transparency and efficiency in the management of cooperative societies while enhancing oversight and restoring public confidence in the sector.
He also pointed to the impact of the Sacco Societies Act of 2008, which established the Sacco Societies Regulatory Authority (SASRA) to oversee deposit-taking SACCOs and safeguard members’ savings through stronger regulation.
Kenya is widely regarded as having one of Africa’s most vibrant cooperative sectors, with thousands of registered cooperatives serving millions of members. The movement controls assets worth billions of shillings and remains one of the country’s largest sources of domestic savings, providing affordable financial services to households and businesses that may not have easy access to conventional banking.
Oparanya commended cooperative leaders for maintaining sound financial management and ensuring members receive dividends on schedule, saying good governance remains essential for sustaining confidence in the movement.
He also called for greater inclusion of women and young people in cooperative leadership, arguing that broader participation would strengthen innovation, accountability and long-term sustainability.
“We must continue strengthening governance while giving women and young people more opportunities to participate in the leadership and management of SACCOs,” he said.
The National Ushirika Day Awards, organized by the Cooperative Alliance of Kenya, brought together senior government officials, cooperative leaders and industry stakeholders to celebrate institutions that have demonstrated outstanding performance, innovation and prudent management.
Government officials said continued reforms and stronger regulation are expected to position Kenya’s cooperative movement for sustained growth, reinforcing its role in expanding financial inclusion, supporting entrepreneurship and driving the country’s broader economic transformation.
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