MACHAKOS, May 8, 2024 – According to the Kenya News Agency, the Government of Kenya is set to formulate a new law to protect investors in the cooperative sector.
The law aims to ensure savings and investments of clients are secured from embezzlement by various cooperatives, according to Parliamentary Departmental Committee for Trade, Industry and Cooperatives Chairman James Gakuya.
Speaking at the Machakos Social Hall during a public hearing of Cooperatives Bill 2024, Gakuya said the current Cooperative Societies Act has loopholes and so does not protect the investors.
“The Bill intends to seal these loopholes by addressing the challenges in traditional cooperatives and SACCOs so that investors such as retired teachers are protected,” Gakuya who is also the Member of Parliament for Embakasi North, was quoted as saying.
He highlighted that many clients especially those in the diaspora invest in land-buying companies and their money ends up getting embezzled causing mistrust in cooperatives and Saccos in the country.
Additionally, Gakuya said the Bill will ensure professionalism and integrity in the appointment of cooperative and Sacco managers to safeguard members’ investments and encourage Kenyans to invest in Saccos.
On her part, Machakos Women Representative Kamene Kasimbi warned the directors and chairmen of cooperatives that they would be held responsible in case of any embezzlement.
She also underscored the importance of gender balance in the management of cooperatives and Saccos
https://thecooperator.news/cooperative-bank-of-kenya-gets-us-25mln-for-women-led-msmes/
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