The government has announced the inauguration of two critical frameworks in a bid to strengthen the governance of SACCOs after recent scandals.
On Wednesday, May 21, Cabinet Secretary for the Ministry of Co-operatives and Micro, Small and Medium Enterprises (MSMEs) Development, Wycliffe Oparanya, oversaw the formation of a new board to manage the Kenya Union of Savings and Credit Cooperatives (KUSSCO) and a special team of experts to review outdated laws governing SACCOs.
According to Oparanya, the newly constituted five-member Committee of Experts will be primarily tasked with reviewing the SACCO Societies Act of 2008, which the government feels is getting outdated.
The committee is expected to analyse existing regulations and recommend institutional and administrative reforms which will improve the operational efficiency of SACCOs.
