Growth and development of the country’s giant co-operative movement is critical to the realisation of the Vision 2030 targets in savings and investments, principal secretary for Co-operatives Ali Ismail has said.
Ismail said the more than 20,000-member movement was key in lifting the economy from lower middle-income status to a highly-industrialising middle-income one by 2030. Under the long-term development blueprint, Kenya targets to double savings and investments to 30 per cent of the national wealth.
“This phenomenal growth (in co-operatives) is attributed to an enabling economic and legal environment and also their strategic role in creating a vibrant and globally competitive sector, and promoting high levels of savings,” Ismail said.
He spoke during the launch of Makao Halisi, a product of Kimisitu Sacco Society Ltd.
Kimisitu Sacco – founded 31 years ago – commands more than 6,000 members, an asset base of Sh3.6 billion and a loan portfolio of Sh3.2 billion with a turnover in excess of Sh438 million.