Marube: Sacco deposits belong to members, not government
Cooperative Alliance of Kenya CEO Daniel Marube has dismissed public fears that the government intends to seize Sacco savings to fund infrastructure projects. He clarified that the proposed Cooperatives and Sacco Societies amendment bills are intended to modernize the sector rather than grant the state control over member assets.
Why it matters
Saccos are vital to Kenya's economy, and public anxiety regarding government overreach could destabilize the financial security of millions of citizens.
Cooperative Alliance of Kenya CEO Daniel Marube / HANDOUT With more than 14 million cooperative members, including about eight million Sacco members, Kenya’s cooperative and Savings and Credit Cooperative Organisations (Sacco) sectors are a cornerstone of the national economy, contributing roughly 10 per cent to 30 per cent of the GDP.
Commanding over Sh 1.2 trillion in assets and serving millions of members, they operate as engines of grassroots wealth creation, financial inclusion, and community development.
As Parliament debates the Cooperatives Bill and the Sacco Societies (Amendment) Bill, anxiety has spread among millions of Kenyans over claims that the government plans to tap Sacco savings to finance infrastructure projects.
Cooperative Alliance of Kenya (CAK) chief executive Daniel Marube dives into the key issues in the bills, misinformation and what the proposed laws actually seek to achieve.
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