Deputy President Rigathi Gachagua has said that the government is committed in supporting cooperative movements.
He said cooperatives are key in driving the economic growth and social development through their ever growing membership, which stands at 14 million.
"They contribute about 10 per cent to our GDP, there are about 23,000 cooperatives in Kenya that employ over half a million people while employing more than a million and a half people indirectly in the inter linked sector," Gachagua said.
He said in 2022, the Sacco deposits rose to over Sh600 billion, while processed loans amounted to Sh550 billion.
"It is against this backdrop we have identified and made priority the cooperative movement because of its direct contribution to the economy. President William Ruto dedicated a ministry to help cooperative movement harness their full potential," he said.
Gachagua said he has been going round the country looking into ways they can strengthen societies.
He said the executive is working with Parliament to amend the Cooperative Act to among other factors, enhance financial inclusion to the farmer and ordinary Kenyans.
The DP spoke in Kinoru stadium on Friday during the celebrations of Solution Sacco's 30th anniversary.
He was accompanied by Meru governor Kawira Mwangaza, Laikipia governor Joshua Irungu, Agriculture CS Mithika Linturi, Cooperatives and MSMEs CS Simon Chelugui, MPS Rahim Dawood (North Imenti) John Paul Mwirigi (Igembe South), Muchangi Kalemba (Runjenjes), Dan Kiili (Igembe Central), and Julius Taitumu (Igembe North)
Moses Kirima (Central Imenti), Dorothy Igoki (nominated), Mugambi Rindikiri (Buuri), Mpuru Aburi (Tigania East) and Elizabeth Kailemia (Meru women Rep)among others.
Cooperatives CS Simon Chelugui said Meru is the third in the number of cooperative movement in the country.
Chelugui said saving culture is good for prosperity.
He said CEOs who have grown small Sacco's to big financial institutions should be commended by the state.