Cooperatives Cabinet Secretary Wycliffe Oparanya at the opening the Kenya Union of Savings and Credit Cooperatives (KUSCCO) 11th Annual SACCO Leaders’ Convention in Mombasa/HANDOUT
Cooperatives Cabinet Secretary Wycliffe Oparanya has called
for a rview of Savings and Credit Cooperative Organisations (SACCO) regulations
to strengthen governance, innovation, and sustainability across the country.
Speaking while opening the Kenya Union of Savings and Credit
Cooperatives (KUSCCO) 11th Annual SACCO Leaders’ Convention in Mombasa, the CS emphasised
the urgent need for reforms that will position SACCOs to thrive in an
increasingly dynamic financial environment.
Oparanya urged SACCO leaders to adopt clear long-term
strategies ranging from five to 20 years, noting that strategic planning is
essential for sustainable growth and competitiveness.
“The is the need for SACCOs to adopt a clear five-year to
20-year strategic plan to ensure long-term growth, financial stability, and
competitiveness in the evolving financial landscape,” he stated.
According to the CS, a structured and forward-looking
approach will help SACCOs manage risks, embrace innovation, and remain
resilient amid shifting market forces and regulatory changes.
He further underscored the importance of youth inclusion
within the cooperative movement, calling on SACCOs to deliberately involve
young people aged between 18 and 35 years.
Oparanya observed that empowering young members would inject
fresh ideas and accelerate digital transformation within the sector.
“Empowering young members will inject fresh ideas, digital
innovation, and ensure continuity in leadership.”
Additionally, the CS proposed the development of a standardised
curriculum in partnership with The Co-operative University of Kenya to
harmonise training and governance standards across SACCOs nationwide.
“The curriculum will guide member education, leadership
training, and governance standards, ensuring that all SACCO members across the
country receive structured and uniform cooperative education,” he explained.
Speaking on the sidelines of the convention, Fintech Group
Head of Business Development and Marketing Hassan Issa welcomed the proposed reforms,
saying the company is keen to align its technology solutions with government
policy direction.
“The CS talked about reviewing structures and policies and
ensuring capacity is built around sacco leaders and government officials. This
in turn translates to what we can do as technology firm,” Issa said.
Fintech Group Head of Business Development and Marketing Hassan Issa, Cooperatives Cabinet Secretary Wycliffe Oparanya and Fintech Group General Manager Vincent Carolius Ondiff at the opening the Kenya Union of Savings and Credit Cooperatives (KUSCCO) 11th Annual SACCO Leaders’ Convention in Mombasa/HANDOUT
Issa added that the firm is closely monitoring policy
interventions to better understand governance challenges and regulatory gaps
within SACCOs.
“We believe in data driven decision making, the world is
turning and we should turn with the world in terms of intelligence driven
solutions,” he said.
“Beyond data, there are other aspects that can be dynamic,
shifting every other moment with changes in policies and other factors in
market. That is data that can be used to inform government, saccos and members
in terms of what direction to take.”
He expressed optimism that technology providers would play a
central role in supporting the reforms.
Issa also echoed the CS’s remarks on youth involvement,
noting that young people are naturally aligned with emerging technologies.
“Tech is always changing with new ideas that the youth will
bring with their inclusion in saccos. They are the ones who are growing with
the technology. We can be able to deliver a technology faster and efficiently
with the knowledge they already have.”
Fintech Group provides solutions aimed at bridging the gap
between technology and the financial services industry, serving financial
institutions, SACCOs, and banks across Africa.