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Kenya National DT, Kimisitu, Unaitas SACCOs crowned at FiRe Awards 2023

Top Savings and Credit Co-operative Societies (SACCOs) have been feted at the FiRe Awards 2023 edition.

Kenya National Police DT Sacco, under the leadership of the National Chairman David Mategwa, emerged as the winner under the Sacco category.

Kimisitu Sacco became the 1st runners-up while Unaitas Sacco emerged as the 2nd runners-up at the prestigious FiRe Awards.

The coveted FiRe Award is organized by five promoters namely the Institute of Certified Public Accountants of Kenya (ICPAK), the Public Sector Accounting Standards Board (PSASB), Nairobi Securities Exchange (NSE), Capital Markets Authority (CMA) and the Retirement Benefits Authority (RBA).

This year’s FiRe Award theme is “utilizing technology and innovation to enhance sustainability, governance and financial information transparency.”

The theme resonates with technology’s critical role in ensuring transparency of non-financial information disclosures, which gives a wholesome view of organizational performance and its relevance in decision-making.

Speaking during the launch of the 22nd Edition of the FiRe Award, the Chairman of the FiRe Award Executive Committee, who is also the NSE CEO, Mr Geoffrey Odundo, said that the FiRe Award promotes financial reporting excellence, fosters sound corporate governance practices and enhances corporate investment and environmental reporting in public and private sectors.

The CEO of Public Sector Accounting Standards Board (PSASB), Mr. Fredrick Riaga, said that data collection and metrics development become a challenge as the demand for non-financial information disclosure increases.

To surmount this, public sector entities should leverage onto technology to enhance transparency and sustainability in financial reporting.

“Even as PSASB and the National Treasury are making final touches on modalities of transitioning the country from cash to accrual accounting, public sector entities should strike a balance in reporting financial and non-financial information,” Mr Riaga said.

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