Government has registered 60 new cooperatives  

The government through the ministry of cooperative has registered 60 more societies in line with the economy’s blue space.      

Cooperatives Cabinet Secretary Simon Chelugui said the cooperatives aims at aggregate Beach Management Units (BMUs) comprising of youth and fishing folk and women participating along the value chain.

He added the move is in collaboration with the partner state department for Blue Economy.

“A total of 445 cooperatives will be registered in the blue economy sub sector,” he pointed out.

Chelugui said profitability in the blue economy will be achieved through strategic partnership investments.

The remarks were contained in a speech read on his behalf by Cooperative Principal Secretary Patrick Kilemi during Bandari DT SACCO’s 9th annual chamas convention held at the famous Wild Waters Centre in Nyali constituency, Mombasa county.     

The CS lauded the role the host  is playing in the economy of the coast region  with an asset base of Sh 12 billion.

Chelugui said the SACCO has over 23,000 members and 800 chamas adding that they have utilized their strength to provide affordable financial services to business start ups.

He added the convention aims to embark on a remarkable journey to shape the future of the country’s blue economy through cooperatives.          

“I am delighted to join the convention to identify blue economy investments opportunities,” he pointed out.

In his welcome remarks, the  Sacco  chairman Kenneth Sungu pointed out that the chama account was introduced by the Sacco in the year 2014 as a means to resource mobilisation at a time when most Saccos and the co-operative movement in general were struggling to meet growing demand.

He pointed out this was for credit facilities occasioned by rapid and sustained growth of the lower and middle income classes in society.

The Sacco Chief Executive Officer Joseph Bee pointed out  the chama account at the organization has continued to register tremendous growth over the years.

He disclosed with current consolidated deposits of Kshs 308,856,876.02 and a loan portfolio of Kshs 283,350,144.14 which is 3.56 per cent of the total loan book with a membership of over 500 accounts.

“It’s consisting of Welfare Groups, Business Groups, Women Groups and Youth Groups,” he  added.

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