NCBA yesterday convened its annual SACCO Banking Customer Empowerment Forum at the Serena Hotel in Nairobi. It brought together leaders from across Kenya’s cooperative movement. They addressed pressing issues around governance, sustainability, and digital transformation in the SACCO sector.
Now in its third year, the NCBA SACCO Empowerment Series has become a platform for dialogue and peer learning among SACCO leaders. This year’s forum focused on the theme “Governance: The Cornerstone of Sustainable SACCOs.” This topic gaining urgency amid evolving regulations and rising digital risks.
Addressing Governance Gaps and Sector Risks
Kenya’s SACCO sector plays a pivotal role in advancing financial inclusion. It serves over 6 million members and managing assets exceeding KES 1 trillion. However, challenges persist. According to recent reports by the Sacco Societies Regulatory Authority [SASRA], governance lapses and weak internal controls contribute to annual losses exceeding KES 3 billion due to fraud and mismanagement.
“SACCOs are not just financial entities. They are engines of community empowerment and economic stability.” Said David Obonyo, Co-operatives Commissioner at the Ministry of Co-operatives and MSME Development. He represented the Cabinet Secretary. “We’re working with financial institutions to promote transparency, strengthen oversight, and drive digital adoption across the sector.”
Shaping a Resilient and Digitally-Enabled Future
Speaking at the forum, NCBA Group Managing Director John Gachora emphasized the role of SACCOs in Kenya’s economic fabric and the importance of strong governance in ensuring their longevity.
“We see SACCOs as partners in national development. Supporting them with tools, insights, and technology is essential to ensure they continue serving members effectively and securely,” he said.
Participants also explored emerging trends in cybersecurity, innovation, and leadership succession within cooperatives. The event featured experts from across the financial and cooperative ecosystem, offering practical insights and knowledge sharing.
The SACCO Empowerment Series continues to serve as a collaborative space for strengthening the capacity of SACCOs in Kenya laying the groundwork for a more inclusive, transparent, and resilient financial future.
