Saccos demand uniform policy to stimulate sector’s growth

Chief Executive Officer Cooperative Alliance of Kenya David Marube addressing Sacco members during the celebration to mark Savings and Credit Societies day. [Omondi Onyango/Standard]

The Cooperatives Alliance of Kenya (CAK) wants both the national and county governments to establish a unified policy to stimulate the sector's growth.

Speaking in Mombasa ahead of this year’s International Cooperatives Day to be held on July 20, CAK Chief Executive Officer David Marube said a standardized national policy will spur growth across the 47 counties. This will also eliminate the mushrooming of "fake" saccos that have siphoned funds from unsuspecting members of the public.

"We hope that such a unified policy relating to the formation, registration and regulation of cooperative societies will eliminate the existence of pyramid schemes that fleece members," he said.

Marube said a national policy will guide the sector to ensure harmony as opposed to the current system where every county is coming up with different laws and regulations.