Co-operative Societies in the country have accumilated assets worth more than Sh300 billion. Co-operatives Secretary Nelson Githinji said the sector has been performing well compared to the rest in Africa.
"We expect the growth momentum in the sector to continue because of the new regulations put in place to strengthen management of SACCOs", he said.
Githinji said the government has cancelled plans to shut down front office services for Savings and Credit Co-operative Societies. He said the Saccos have not increased their financial base to more than Sh10 million according to new regulations in the sector.
Githinji said the government will not shut down the Saccos but will help them achieve their targets within two years. He said the goverment will look into ways of helping the Saccos raise their financial base to continue operating.
"We cannot undermine Saccos by shutting down their front offices because some of them are very helpful in areas where financial institutions like banks are not available,"said Githinji.