A three-day financial literacy and management workshop, organized by Machoge Bassi, Boochi Tendere, and Bose SACCOs, has wrapped up at the Gucha Deputy County Commissioner’s Hall in Kisii County.
The event, which brought together SACCO members, management committees, cooperative officers, and financial experts, aimed to tackle operational challenges, resolve member grievances, and outline practical strategies for sustainable growth.
The sessions addressed critical issues, including procurement inefficiencies, financial transparency, and credit policy reforms.
Facilitator Rudia Kwamboka underscored the importance of sound procurement practices, defining procurement as “the process of sourcing goods or services that a SACCO or company needs by finding the best deal, comparing prices, and ensuring compliance with quality standards.”
She identified common pitfalls in SACCO procurement, such as lack of transparency, conflicts of interest, limited supplier options, budget constraints, weak policies, corruption, training gaps, and delayed deliveries.
Kwamboka stressed that clear policies, rigorous accountability, and regular training are crucial to overcoming these challenges and building efficient systems.
Among the key resolutions made during the workshop was the commencement of loan disbursements with the same being closely monitored by the management committee and cooperative officers to ensure equitable access and transparency.
The mobilization of new members was also emphasized as a vital strategy to bolster SACCO membership, with the management and supervisory committees taking the lead in recruitment initiatives.
To enhance financial transparency, the SACCOs resolved to update and audit all financial records. Additionally, the bookkeepers were tasked with updating the SACCO’s data systems to ensure accurate and efficient record-keeping, a move expected to streamline operations.
Regular engagement with members through annual general meetings (AGMs) was identified as another essential step toward promoting transparency and inclusivity.
The SACCOs also pledged to review and enhance their credit policies, ensuring they align better with the diverse financial needs of members while promoting inclusivity and access to credit services.
Representatives from KCB Bank added depth to the discussions, offering insights into banking services tailored to SACCOs.
Financial expert Paul Nyatundo highlighted various account options, including farmers’ accounts, business accounts, Mavuno accounts, personal accounts, and insurance accounts.
“For the insurance account, structured payments can guarantee compensation after a set time, providing a framework for long-term financial planning that benefits both individuals and the community,” Nyatundo explained.
Cooperative officer Jennifer Nyamwati on her part emphasized that effective bookkeeping not only enhances operational efficiency but also ensures transparency and accountability, which are critical for SACCO sustainability.
She encouraged SACCOs to adopt systematic bookkeeping practices to reinforce their financial integrity and improve member confidence.
Participants expressed appreciation for the practical lessons and actionable strategies they gained. Many were optimistic about implementing the knowledge in their cooperatives to address long-standing challenges and improve service delivery.
By Celline Maranga and Bathseba Nyaboke
