By Andanje Wakhungu
Cooperatives and Micro Small and Medium Development CS Simon Chelugui has hailed the management of Invest & Grow Sacco of Kakamega for launching their five-year Strategic Plan, terming the move a huge milestone as far as offering quality services to its members is concerned.
CS Chelugui addressed the media and Sacco members in Kakamega County recently. He said the Sacco was bettering people’s lives through various programmes and urged more people to invest in it. “I wish to congratulate all members, staff, and board of management and stakeholders of IG Sacco on the occasion of the unveiling of the new Strategic Plan 2023-2027. This plan is set to provide a roadmap, framework and action plan that Sacco will implement within the defined period. I am cognizant of the fact that IG Sacco has a long history of serving members and communities with integrity, innovation, and dedication”.
He said the plan was a critical move towards ensuring that the trajectory and pace is enhanced. He called for the embracing of emerging requisite technological innovations sparring Fintechs as core since it would ensure that I&G Sacco remains relevant, sustainable, and impactful in the years to come.
“Despite the challenges of the prevailing economic situations within the country, it is encouraging to note that your Sacco has managed to remain resilient and afloat.
And I want to also laud the critical role played by the cooperative and small micro-enterprise, SME sector in the country. I assure cooperative societies of my Ministry’s commitment, to providing a good working environment for them to grow. Cooperative societies he added are therefore encouraged to exploit this advantage by bringing on board more members so that they can expand their financial muscle.
“The cooperative business model is an ideal vehicle to ensure success towards financial inclusion for the majority of the Kenyan population, who would otherwise not have had access to financial services from conventional financial institutions.
“As you are aware the government has given privilege to savings as an important element in funding national development initiatives. For SACCOs, savings forms the bulk of funding of credit facilities; hence without sufficient mobilization of savings, IG Sacco will find it very difficult in meeting the members’ credit and loan needs.”
The Principal Secretary of State Department of Cooperatives Patrick Kilemi on his part stated that the event marked a significant milestone for IG Sacco, as it embarks on an economic journey that will see growth, innovation and service excellence experienced by its members.
“I acknowledge the fact that this strategic plan entails your commitment to serve members and community with unwavering dedication and foresight.” He, however, reminded them that they had to meet certain obligations to attain their vision, you must do several things.
“Firstly, you must instil and inculcate a culture of integrity and good governance practices in your system. All officers whether employed or elected must be people of integrity. Our ministry and specifically the state Department of Cooperatives will apply the full force of the law on the few rotten apples in our midst who are hell-bent on tarnishing the good work being undertaken by the majority of SACCOs. Secondly, I&G will only ensure the safety of members’ funds if you comply with the set prudential standards. The prudential standards set in the law on capital adequacy, liquidity, investments, and external borrowing among others, are meant to ensure a 12 prudent management of the SACCOs and thus protect the members’ funds.
The Invest and Grow chief executive officer Peter Vuhyah assured the members that the Sacco was strong and aimed at serving them fully and effectively. “It is my pleasure to introduce our new 2023 – 2027 strategic plan, a document that will serve as a roadmap for Sacco’s future. As we embark on this journey together, I would like to take this opportune time to thank all the members, staff, board of management and stakeholders who have contributed their time, effort, and expertise to the development process. Mr. Vuhyah said their Sacco has been known to serve their members and communities with integrity, innovation and dedication.
He called on the members to adapt to the emerging economic changes to be able to meet the evolving needs of their members and stakeholders. “This strategic plan is a critical step in ensuring that our Sacco remains relevant, sustainable, and impactful in the years to come. He revealed that the plan had seven pillars including membership growth, financial management, ICT, human resources, products and services and governance that will ensure effective service delivery to the members.
“The crafting of this strategic plan required us to engage in a comprehensive process of research, analysis and stakeholder consultation. We listened to our members, analyzed market trends and reviewed our internal operations to identify our strengths, weaknesses, opportunities, and threats.
We also drew on the expertise of our staff and other stakeholders to develop strategies that are aligned with our mission and vision. It is a dynamic and flexible document that will guide our decision-making, resource allocation, and performance measurement as it addresses our priorities, goals, and actions for the next five years, and it will be reviewed and updated periodically to ensure that we remain responsive to changing circumstances. I am confident that this document will provide a clear direction for IG Sacco’s future. By working together to implement this plan, we are bound to meet our goals, improve our services, and make a positive impact on the lives of our members and communities.”
The Saccos Chairman Kennedy Keya said the event was a significant milestone as they commence on a journey of growth, innovation and service excellence. “Our strategic plan embodies our commitment to serve our members and community with unwavering dedication and foresight. It is a roadmap that reflects aspirations guided by our vision, mission and core values to drive the spirit of financial empowerment and inclusivity.”