Government to enhance regulations governing Saccos
Published on: December 21, 2020 01:04 (EAT)
The government has begun a process of enhancing regulations governing the country’s co-operatives sector. State Department of Co-operatives Principal Secretary Ali Noor Ismail says this will enable the sector cope with the new normal. Speaking during the opening of Kimisitu Sacco Front Office Services in Nairobi, Noor said the sector had been disrupted by the COVID-19 pandemic. “The sacco sub-sector just like the rest has not been spared by the pandemic. It is therefore necessary that we work on regulations that will ensure they keep up with the requirements,” he said. Part of the new regulations the PS alluded to include mainstreaming of digital processes as well as online meetings for the sector. Earlier this year, the State Department authorized Saccos to hold online annual general meetings as well as pay dividends with members physical approvals. This followed the introduction of COVID-19 protocols by the Ministry of Health that banned gatherings to curb the spread of the novel coronavirus. On his part Kimisitu Sacco chairman Philip Ayuko called on the government to speed up the new adoption of regulations. “We are operating in a new normal and this calls for new ways of doing things. This disruption should be a turning point of how Sacco’s in Kenya operate. We already have our services on the digital platform and regulations will only make them better,” said Ayuko. The new service launched by the Sacco is expected to improve its performance as it lines up to attract more members. “With this new facility, our members can now be confident that the turnaround time for the service will greatly improved. We are a growing Sacco and this step prepares even better for more members, “ added Kimisitu Sacco CEO Lwanga Mbeche.