Page 6 - Cover Issue 39 PRESS efile
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EXECUTIVE BRIEF

FROM THE MANAGING DIRECTOR’S DESK

Welcome to the 39th issue of the SACCO STAR!           and SACCO Societies Act through the Finance Bill, 2017, seeking the
                                                       recognition of Islamic Finance business practises, through formation of
Buckle up for this quarter’s edition, as we highlight  Shariah Compliant SACCO Societies. This is an opportunity that SACCOs
some key developments in the financial sector          can tap into by introducing products and services to attract the Muslim
affecting the Co-operative sector.                     community.

If you have been unable to secure credit due           In May, during our Annual Delegates Meeting (ADM), we bid goodbye
to unavailability of traditional land and chattel      to two Board Directors; Mr. Elly Oyugi and Mrs Florence Oile who have
collaterals, you will be pleased to note that the      diligently served the Union. Their impact will forever be indelibly
Movable Property Rights Bill 2016 has been duly        imprinted in our hearts and though saddened by their departure, we
approved by the National Assembly. You can now         wish them the best in their endeavours. Mr John Sigei and Mrs Phoebe
use movable assets such as your cow, goat, plant       Nandwa have since replaced them. Mr David Langat, the immediate
equipment and even intellectual property as            former chairman of the Audit Sub-Comittee and the representative for
collateral for loans!                                  RiftValley region, takes up the position of the National Vice Chairman,
                                                       left vacant following Mr Oyugi’s exit.
The Government has also proposed legislative
amendments to the Co-operatives Societies Act          As the Union, we strive to ensure that newly formed and registered
                                                       SACCOs develop into strong and viable societies. We are delighted to
                                                       offer you integrated IT solutions through our newly acquired cloud-
                                                       based computing platform, IRNet Coop Kenya (ICK).

                                                       In addition, it is crucial for us to continually build capacity to
                                                       match the rapid growth of the SACCO sector in Kenya. It is in this
                                                       line that we created the KUSCCO Foundation, slated to positively
                                                       impact mushrooming SACCOs by training the leadership in financial
                                                       management techniques.

                                                       We are humbled by your continued patronage of our products. Let
                                                       us keep in mind the 5th Cooperative principle that reiterates on the
                                                       importance of education and training and continue empowering
                                                       ourselves through carrying out research, educative programs and study
                                                       visits.

                                                       As we now sign off the 24 months green energy program, I wish
                                                       to express our singular gratitude to, USAID/Winrock International
                                                       for partnering with us in developing, implementing and managing
                                                       renewable energy project otherwise known as Jiko Safi Fund. Not
                                                       only has the project pioneered use of fuel-efficient and clean cook
                                                       stoves and created access to financing to acquire Jikos, but has also
                                                       established infrastructure upon which other partners can ride on in
                                                       replicating the success of Jiko Safi program.

                                                       In conclusion, I urge you to embrace technology by shifting your
                                                       operations online to effectively serve your members. While on it, take
                                                       up effective cyber-security measures to mitigate against potential
                                                       cyber-attacks which have been on the rise.

                                                       As we go to the polls to elect new leaders, let us vote wisely and refrain
                                                       from engaging in antagonistic politics.

                                                       God Bless Kenya and the Cooperative movement at large!

                                                       Managing Director, KUSCCO Limited

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