Africa-Press – Kenya. Balozi SACCO has thrown its weight behind calls for sweeping governance reforms in the Savings and Credit Cooperative (SACCO) sector. The call was made during the Kenya Union of Savings and Credit Cooperatives (KUSCCO) 11th Annual SACCO Leaders’ Convention held in Mombasa.
The high-level meeting brought together more than 600 delegates, including chief executive officers, board chairpersons, senior managers, regulators, and other stakeholders from across the country to deliberate on the future of the cooperative movement.
Speaking at the convention, Balozi SACCO Chairman George Mimba emphasised the need for strong governance structures to safeguard member interests and ensure long-term sustainability.
“Strong governance structures will ensure Sacco members thrive, communities prosper, and the future is secure,” Mimba said.
He noted that proposed reforms should include clear qualification criteria for board members and strict adherence to regulatory standards set by the Sacco Societies Regulatory Authority (SASRA).
“Balozi SACCO started to embrace high governance standards even before the proposed legislative amendments currently before Parliament,” he highlighted.
Mimba underscored the institution’s long-standing commitment to corporate governance, ethical leadership, and a clear separation between management and the board.
With assets valued at Sh6 billion and over 50 years of scandal-free operations, Balozi SACCO has positioned itself as a model cooperative within the sector.
Formed approximately 50 years ago by the U.S. Embassy and U.S. government agencies based in Nairobi, the SACCO has grown into one of the country’s stable financial cooperatives, built on prudent management and member trust.
The convention was officially opened by Cooperatives Cabinet Secretary Wycliffe Oparanya, who called for a comprehensive review of SACCO regulations to strengthen governance, innovation, and sustainability nationwide.
The CS emphasised the urgency of reforms to position SACCOs to compete effectively in an increasingly dynamic financial environment. He urged leaders to adopt clear long-term strategic plans spanning between five and 20 years. Strategic planning, Oparanya noted, is critical for sustainable growth and enhanced competitiveness.
A key theme that dominated discussions was youth inclusion. With nearly 70 percent of Kenya’s population comprising young people, delegates explored strategies to attract Generation Z through digital platforms, customized financial products, and innovation driven by information technology and artificial intelligence.
“The future belongs to them, we’re talking about 70% or so of the population of Kenya, but they are kind of missing out, and so what each and every circle leadership is asking is how can we embrace this?” Mimba added. He stressed that leaders must intentionally engage young people where they are, particularly on digital platforms.
“And I’m glad that the speakers and all these other leaders who did presentation and those who had the chance to talk on the panel discussions, we are all trying to find out to speak to where these people are, where is this young generation, how can we bring them on board so that they can be able to power this industry moving forward,” he said.
Discussions also covered shared services platforms, depositor protection funds, cybersecurity, and vendor management as critical pillars to strengthen the sector.
