Unaitas BOM Chairman Michael Muriithi (Left), Director of Cooperatives in Nairobi Dolphine Aremo (Centre) and CEO Unaitas Martin Muhoho (Right), cutting the ribbon during the official opening of the Unaitas Nyahururu branch./HANDOUT
According to the Director for Cooperatives in Nairobi County, Dolphine Aremo, the government intends to strengthen Kenya’s cooperative movement through legislative reforms aimed at enhancing transparency, sustainability, and public trust.
She spoke when she graced the official opening of Unaitas Sacco Society's 34th branch in Nyahururu town in Laikipia County.
She also dismissed claims that the government intends to control Savings and Credit Cooperative Organisations (SACCOs), and instead emphasised the creation of an enabling environment for their growth.
She revealed that quite a good number of Saccos were not allowed to issue dividends to their members this year, due to failure to comply with SASRA rules and regulations.
Unaitas Chief Executive Officer (CEO) Martin Muhoho and the Sacco’s Board of Management Chairman Mr Michael Mureithi called upon financial institutions to show unwavering commitment to meeting the evolving needs of their members during the ongoing tough economic times.
They underscored the need for institutions to remain committed to offering reliable financial services to Kenyans in spite of the economic challenges.
Muhoho noted that it is important for financial institutions to find ways to support their members who are contending with the hard economic times affecting Kenyans, and the institutions must therefore help members navigate the financial challenges where they can.
Unaitas BOM Chairman Michael Muriithi (Left), Director of Cooperatives in Nairobi Dolphine Aremo (Centre) and CEO Unaitas Martin Muhoho (Right), cutting the ribbon during the official opening of the Unaitas Nyahururu branch./HANDOUT
He stated that the Sacco has been in operation for 33 years, serving a diverse clientele that comprises farmers, small and medium-sized enterprises (SME), employees of various institutions, as well as those in real estate and asset finance.
He noted that the new Nyahururu branch is expected to serve farmers in parts of Laikipia and Nyandarua Counties as well as other traders and business people who need to save money and grow their ventures.
Michael Muriithi, the Unaitas chairman, said the Sacco is keen on bringing accessible financial services to the people as they celebrate growth.
He said that the Sacco takes pride in its large membership, having over 480,000 members and an asset base of over Kshs. 31 Billion shillings, placing it in position five in terms of Saccos with the highest asset base in Kenya, and position one as the Sacco with the highest number of members in Kenya and Africa at large.
Last week, President William Ruto and CS Wycliffe Oparanya lauded Unaitas Sacco as the biggest in membership, calling on Kenyans to embrace the Sacco spirit.
