Nairobi — Cabinet Secretary for cooperatives and macro small and medium development Simon Chelugui has challenged Sacco cooperatives across the country to embrace innovations and technology to help increase their accessibility and visibility.
Chelugui said harnessing the power of technology and innovation to deliver the cooperative value proposition is a game changer for cooperatives.
"Technology and innovation will power growth and create new opportunities in the business environment in the cooperative," he said.
He tipped cooperatives to ensure they choose the adoption of appropriate technology that will ensure they reap maximum benefits.
The CS said cooperatives must ensure they choose technology that will simplify cash and other financial service delivery to their customers besides reducing risks and fraud while enhancing cyber security.
"They should create a new ecosystem to deliver tech-driven financial services since these benefits will create synergy and deliver the cooperative value proposition," he said.
In a speech delivered on his behalf by John Mwingala, the Director Cooperatives, during the opening of Afresa Sacco offices in Kisumu, the CS challenged cooperative leaders to prioritize innovation at corporate strategy level with a view to creating a win-win situation for the members.
The CS opined that the adoption of innovation and development of new cooperative ecosystems will greatly help cooperatives to increase efficiency and lower operational costs.
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"Cooperatives must therefore adopt and embrace ICT to improve the working systems for proper management and service delivery, simplify transactions so that clients can access their services whenever they are and work closely with other financial institutions," he said.
He advised the directors at Afresa Sacco to heed to the call and innovate as they continue playing their rightful role in achieving poverty reduction, employment creation and social integration.
Afresa Sacco boasts of over 60,000 membership in Kisumu and its environs and targets the low income earners.
The Sacco also has products earmarked for those in formal employment.
The Sacco co-founder and chairlady Berry Odhiambo appealed to the government to utilize Saccos' great network to deliver its transformation agenda.
"Saccos are spread across the country and are better paced to be utilized by the government to ensure funds such as hustler faun, youth and women funds can reach a wider target," she said.
CS Chelungui further promised sweeping reforms in the sector once the cooperative bill and other support bills now in parliament are passed into law.
