President William Ruto has launched Shirikiana Sacco and announced an initial government investment of Sh50 million in the cooperative society, describing it as a major step towards expanding access to savings, affordable credit and investment opportunities.
The Sacco was launched at Masinde Muliro University of Science and Technology in Kakamega County during an event attended by leaders from across the Western Kenya region.
Speaking during the launch, President Ruto said the new financial institution is intended to strengthen grassroots economic empowerment by enabling ordinary citizens to save, access affordable financing and invest collectively.
“We have not gathered here merely to set up another financial institution. We are here to witness the birth of a genuine people-owned economic opportunity,” Ruto said.
The President said Shirikiana Sacco is aligned with the government’s Bottom-Up Economic Transformation Agenda and will provide a platform for farmers, traders, boda boda operators, artisans and young entrepreneurs to access financial services that have traditionally been out of reach.
Ruto also commended Cooperatives and MSMEs Cabinet Secretary Wycliffe Oparanya for spearheading reforms aimed at strengthening the cooperative movement and expanding financial inclusion across the country.
“I want to thank our minister Wycliffe Oparanya for his work empowering MSMEs. He has taken this ministry to the next level. The Hustler Fund is now at Sh90 billion and has reached citizens across the country,” he said.
The Head of State further noted that Oparanya has played a significant role in advancing Kenya’s cooperative agenda internationally, adding that he currently chairs Africa’s cooperative movement.
According to Ruto, the launch of Shirikiana Sacco marks the beginning of a people-driven economic movement founded on collective savings, investment and wealth creation.
“The name says it all — Shirikiana. Come together, work together, grow together and prosper together,” he said.
The President observed that while Kenya has long been regarded as a leader in the cooperative sector, some regions, including Western Kenya, have not fully benefited from the potential of member-owned financial institutions.
He said the establishment of the Sacco will help bridge that gap by mobilising local resources and strengthening community-based economic development.
“What has been missing is organised capital and strong member-owned institutions through which individual efforts can be transformed into collective economic power,” Ruto said.
Author: Andrew Walyaula
Andrew Walyaula is a seasoned multimedia journalist. Email: [email protected]
