Co-op Bank urges Diaspora to form Saccos

NAIROBI, KENYA: Kenyans living abroad have been urged to form Saccos in their regions for crisis management.

Speaking at Diaspora Easter Investment Forum in Nairobi, Gideon Muriuki, CEO Co-operative Bank of Kenya said there is strength and safety in numbers linked to Sacco movements.

“I would encourage all our Ambassadors and High Commissioners stationed across the world to aggressively rally Kenyans abroad to form ‘Saccos’ in their various regions,” he said.

“Saccos can help Kenyans abroad handle some of the most critical challenges they sometimes face, such as health and safety emergencies,” he said.

He urged Diaspora to emulate Kenyans living in USA, UK, Dubai, Qatar, and Dubai who have already formed their Saccos and reaping benefits.

The CEO said there are various opportunities within Kenya for cooperative societies to invest in such as the public private partnership, housing, transport sector, and in value addition.

On the bigger African market, bigger economies like South Africa with key focus on ‘Black Empowerment’ and Inclusive growth would incredibly benefit from implementation of a co-operative structure.

“We have successfully piloted this with a Joint Venture in South Sudan wherein the Co-operative Bank of South Sudan is a Joint Venture between Co-op Bank of Kenya and the South Sudanese Government on behalf of the local co-operative movement that takes up the 49 per cent shareholding after it is well established in 3 years.”