International Co-operative Day – known in Kenya as Ushirika Day, is marked annually on the first Saturday of July to reflect on the achievements of the Cooperative movement.
The Day aims at increasing awareness on co-operatives worldwide and to strengthen partnerships between the International Cooperative Movement and other actors – including governments at the local, national and international levels.
International Co-operative Day was first celebrated by the International Cooperative Alliance in 1923. In 1994, the United nations reaffirmed the importance of Cooperatives in Social, Economic and Cultural development and proclaimed a UN International Day of Cooperatives – which was first celebrated in 1995; on the same day as the International Cooperative Day.
On 2nd July 2022, Kanisa Sacco joined other co-operators and the rest of the world in celebrating the 100th International Cooperative Day.
The national event whose theme was “Co-operatives Build a Better World” was presided over at the Kenyatta International Conference Centre (KICC) by President Uhuru Kenyatta.
While giving his speech, the president informed the co-operators that his administration gives policy focus on Saccos given their role in mobilizing savings and providing credits to their members.
He added that to ensure financial soundness to the Sacco industry, the government had fostered the development and the implementation of the Sacco Societies Non-Deposit Taking Business Regulations 2020 that commenced in January 2021. This has enabled the government to monitor the performance of the Sacco industry.
The president reassured Sacco members that through SASRA, Saccos were regulated and their deposits were secured.
“ The policy and legal framework for the saccos’ central liquidity facility and shared technology services received cabinet approval in May 2022 and the requisite legal amendment will now be processed by the parliament, this will enable the government to fast track the central liquidity facility for saccos,”, he added
The president also confirmed that the legal amendments towards setting up of deposit insurance for saccos was approved. Deposit insurance for saccos is a deposit guarantee fund to enhance financial stability in saccos by compensating depositors in the event that a Sacco collapses.
In consultation with the cooperative stakeholders, the government has also done a comprehensive review of the existing national cooperative policy. The policy was approved by the cabinet in 2019 and has subsequently been approved by parliament.
The president concluded by applauding the positive impact of the cooperative movement.