The Mountain Journal
editor@themountainjournal.co.ke
Savings and credit societies have asked the government to establish strict regulations that will control and monitor operations of Sacco unions that will control and monitor operations of the saccos are crucial.
The leadership in the saccos have petitioned the government to ensure maximum protection of the members resources in the Kenya Union of Savings and Credit Co-operative limited (KUSCCO).
Amica Sacco CEO Dr James Mbui said the regulations are required following an audit report that impropriety and losses exceeding Sh 12 billion in KUSCCO.
He said KUSCCO and other bodies that bank with Saccos need to be regulated to enhance protection of members’ resources
The CEO spoke during the official opening of the Amica Sacco branch in Gatura market in Gatanga Sub County.
“Deposit and non-deposit taking Saccos are regulated by Sacco Societies Regulatory Authority (SASRA) and since the establishment saccos have been performing well so also call for regulations on unions which deal with Saccos.” he said.
Mbui expressed optimism that the issues affecting KUSCCO will be solved and deposits of members of Saccos be protected.
At the same time, Mbui said Amica Sacco has formulated intensive training on management of finances to tea and dairy farmers to help curb misuse.
The sacco leadership says the training will ensure there is prudent use of their proceeds in family development, instead of pumping millions of shillings in unnecessary projects.
Mbui said the training had been formulated following research that established that the majority of the farmers who acquire proceeds from tea and dairy on a monthly basis require financial management skills to ensure prudent utilisation of the resources.
He said intensive training will help farmers especially those who have ventured in tea and dairy farming as millions of money are channeled into their accounts on a monthly basis.
“Tea and dairy farmers are set to benefit from training on how to prudently manage and utilize earnings they accrue from their produce,” said Mbui.
Ends
Mbui said they will engage the farmers in various education forums where they will be enlightened on best ways of investing and diversifying their economic activities.
He explained that during payments of tea bonus, some farmers end up misusing their resources, thus need for the intensive training on financial management.
“The farmers can prudently use the cash, invest and improve their living standards,” he observed.
