Former Prime Minister Raila Odinga during the installation/SCREENGRABFormer Prime Minister Raila Odinga has emphasised the need for youth to break the vicious cycle of poverty through the adoption of a savings culture.
He made the remarks while addressing students during the installation of the new Chancellor of the Co-operative University of Kenya, Bernard William Chitunga, in Karen, Nairobi, an event presided over by President William Ruto.
“There’s what we call the vicious cycle of poverty,” Raila said.
“It goes like this: I am poor, and because I am poor, I cannot save. And if I can’t save, I cannot invest. Since I cannot invest, I cannot create wealth. Hence, I remain poor. And the cycle continues.”
Raila stressed the importance of taking deliberate action to disrupt this cycle, noting that encouraging saving habits, especially among the youth, is critical to their long-term economic empowerment.
His sentiments echoed those of President Ruto, who earlier urged young people to embrace a culture of saving to secure their financial futures.
Ruto had engaged with the students of the learning institution on the basic principles of cooperative operations.
He said that mobilising savings is essential, as it increases investment opportunities and enables cooperatives to invest in areas of interest.
"You cannot invest what you do not have, so you save so that you can invest. Many cooperatives lend at single-digit interest rates, and that helps people who want to go do business," he stated.
He also praised the learning institution for embracing the philosophy behind the savings aspect of the cooperative society.
The President graced the installation of the new university chancellor, who was appointed on January 17, 2025, through a Gazette notice.
Chitunga is a highly accomplished professional with extensive experience and expertise in partnerships, development finance, and multilateralism.
He was appointed as the Chancellor of The Co-operative University of Kenya for a five-year term, effective January 10, 2025.
He becomes the second Chancellor of the institution, succeeding the late Joseph Nyagah, who served as the institution’s inaugural Chancellor.
