|Category: 2015 Coop Summit||
Welcome to yet another edition of the coop summit magazine. In this issue we shall look at the initiatives that the featured cooperatives have undertaken to grow their businesses.
In the recent past, there has been a growing need for cooperative financial institutions to position themselves strategically due to the changing industry trends and conditions. This move is ultimately aimed at continuously meeting the members’ needs in order to remain relevant in the supply chain, in turn protecting the members’ investments. Cooperatives build strength, influence and bargain power through vertical and horizontal structures thus the need for the various players to recognize we share the same values; that is meeting members’ social, cultural and economic goals. In that regard, the contribution made by the cooperatives in improving livelihoods in Africa cannot be undermined, hence the increased attention among nations to nurture their growth.
The current situation in some African countries is that there seems to be an apparent conflict among the players in the their system; a situation that is not healthy for fostering cooperative growth. This has to some extent undermined the role of the sector in providing social protection to her members. Therefore, the need for unification of African Cooperatives and adoption of other growth strategies will go a long way in achieving viable Cooperative financial institutions in Africa. The sixth cooperative principle as prescribed by ICA of cooperatives affirms this by stating that there should be cooperation among cooperatives.
In this edition, the national cooperatives and SACCOs are sharing their experiences on the role played by the SACCOs in financial inclusion more so among the marginalized groups, strategies that SACCOs may adopt to increase productivity and profitability, Effect of regulation on the growth pattern of CFIs and how SACCOs have creatively developed convenient ways of banking members’ savings. We hope you find the magazine informative.
From the editorial team, we would like to welcome you to the SACCA congress and wish you a memorable stay in Kwale, Kenya.
Atuhura Joan Susan
Finance and Administration Manager - ACCOSCA