National Assembly Speaker Moses Wetang’ula has urged Members of Parliament to urgently review cooperative laws and close loopholes that expose members’ savings to mismanagement and loss.
Wetang’ula urged MPs to look at the law critically and seal all loopholes that could allow the plundering of resources.
This even as he warned that weak governance systems continue to endanger savings in cooperative societies.
Speaking during the launch of Shirikiana Sacco on Saturday at Masinde Muliro University of Science and Technology , the Speaker said the initiative represents a key pathway to reducing poverty, building wealth and improving livelihoods across the country.
He likened the cooperative movement to models in developed economies citing Sweden as an example where, he said, the entire population participates in cooperatives.
“In Sweden, all citizens from the President and Prime Minister to ordinary citizens are members of the cooperative movement. People save not for the sake of it, but because they have plans for the future and know the benefits when the need arises,” he said.
Wetang’ula encouraged Kenyans, especially farmers and business owners to consistently invest part of their income in Saccos saying savings in cooperative institutions remain one of the most reliable forms of financial security.
He also commended President William Ruto for appointing Wycliffe Oparanya as Cabinet Secretary for Cooperatives and SMEs saying the move had strengthened the sector.
“When the President appointed Hon. Oparanya, I told him that great people build great institutions. Today, the cooperative movement is something Kenyans can be proud of,” he said.
The Speaker singled out governance challenges as a major threat to the sector and called on the parliamentary committee on Trade, Industry and Cooperatives led by Ikolomani MP Bernard Shinali to strengthen oversight and reforms.
He said Parliament must ensure legal safeguards that protect members’ savings from abuse by rogue officials.
Wetang’ula further announced that senior government leaders, including himself would join Shirikiana Sacco alongside the Prime Cabinet Secretary, Cabinet Secretaries, Principal Secretaries and MPs to provide seed capital and strengthen its foundation.
“Today we will all join Shirikiana Sacco led by the President. I will join together with other leaders, so that we can give it strong seed capital,” he said.
He cited his personal experience in Saccos, noting that cooperative savings had supported his family and personal obligations over the years.
“I joined Parliamentarians Sacco, which helped me pay school fees. I am also a member of Bunge Sacco and Ngarisha Sacco in Bungoma, which continue to benefit me through dividends,” he said.
Nevertheless, Wetang’ula called for unity among Western Kenya leaders and other regions saying political cooperation and peace were essential for national development and shared prosperity.
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