The government is in the process of harmonising various legal and regulatory frameworks and realigning them with programmes under the Bottom-up Economic Transformation Agenda (BETA).
Speaking during the rebrand ceremony of Safaricom Investment Co-operative to SIC Investment Co-operative, Co-operatives and Micro, Small and Medium Enterprises (MSME) Cabinet Secretary Wycliffe Oparanya said this will ensure existence of well-governed and sustainable cooperative society ecosystem that protects the interests of all the members.
“Consequent to this, and in an effort by the government to accelerate financial stability and stimulate access to convenient and affordable financing by Kenyans, especially the MSMEs, the government is mobilising the cooperative sector players into a conversation towards improving the management and efficiency in the sector, bearing in mind the recent cases of mismanagement of cooperatives that have led to embezzlement of members funds,” said Oparanya.
SIC Investment Co-operative says the rebrand aligns with the society’s 2023 -2027 strategic plan which is anchored on financial growth and sustainability, increased member mobilisation, and improved internal processes.
“By rebranding, we strive to ensure that our Society aligns with the evolving business landscape and that our brand image resonates with the values and expectations of our target audiences. We remain committed to providing superior returns to our investors and growth opportunities to our staff, and we will not relent on our determination to invest sustainably,” said Churchill Winstones, SIC Investment Co-operative Chief Executive Officer.
The society says it has also experienced growth which has been supported by its more than 5,000 members, acquisition of more than 150 land projects, issuance of more than 4,000 titles to investors, and successful delivery of more than 600 fully paid housing units to investors.
Oparanya further revealed that to date, the Hustler Fund has disbursed a total of Ksh 57 billion to 22 million Kenyans. A total of Ksh 44 billion has been repaid while defaults currently standing at Ksh 13 billion.
