The government is working to ensure that cooperatives can access favourable credit facilities while building capacity to manage debt effectively.
Speaking in Mombasa during a cooperative leader conference, the Cabinet Secretary for Cooperatives and Micro Small and Medium Enterprises (MSME) Development, Wyclifee Oparanya, said that one key reform is the introduction of a Deposit Guarantee Fund as part of the proposed amendments to the SACCO Societies ACT.
Oparanya said that the fund will help in protecting members' savings, enhance financial stability and strengthen confidence in the cooperative sector.
Among other reforms is the integration of digital lending platforms into the cooperative sector, which will enable cooperatives to offer secure, efficient and accessible financial services, especially in regions that have traditionally been underserved.
