By N, KNA
More than 140 cooperative leaders from across Bomet County have benefited from a one-day training on insurance, financial literacy, and investment aimed at strengthening the sustainability and resilience of cooperative societies.
The capacity-building forum, held at Willis Hotel in Bomet, was organised by the Department of Cooperatives and Marketing in partnership with CIC Insurance Group. It brought together 144 cooperative representatives for training on financial management, investment planning, and risk mitigation, key pillars for improving cooperative governance and performance.
Speaking during the event, County Executive Committee Member (CECM) for Roads, Public Works, and Transport, Ambrose Koech, lauded the initiative as a major step toward inclusive economic development.
“Cooperatives remain the backbone of our grassroots economy. When we empower their leadership with financial and insurance knowledge, we build a stronger and more self-reliant Bomet,” said Koech.
County Assistant Director of Cooperatives, CPA Fred Koskei, emphasized the importance of prudent financial management and accurate record keeping to enhance accountability and transparency in cooperative operations.
“Financial literacy is not just about saving and borrowing; it is about understanding money and making informed decisions that protect members’ investments,” noted Koskei.
Bomet County Commissioner of Cooperatives, Joseph Ngeno, urged cooperative leaders to embrace innovation, transparency, and inclusivity to ensure the long-term sustainability of the cooperative movement.
“Cooperatives must evolve with time. When we integrate youth, technology, and inclusivity, we make these institutions vibrant engines for community empowerment,” remarked Ngeno.
CIC Insurance Group Director of Cooperatives, Richard Nyakenogo, underscored the importance of insurance in protecting cooperative assets and members’ financial wellbeing.
“Many cooperative losses can be avoided through proper insurance planning. At CIC, we are committed to partnering with counties to ensure every cooperative society is adequately protected,” said Nyakenogo.
CIC Rift Valley Regional Manager, Paul Lidauli, reaffirmed the insurer’s commitment to supporting cooperatives through continuous training and innovative financial products.
“This collaboration with Bomet County reflects our shared vision of building financially secure and sustainable cooperatives,” said Lidauli.
The forum highlighted the need for sustained partnerships among county governments, financial institutions, and cooperative societies to drive inclusive economic growth and social transformation at the grassroots level.