President Uhuru Kenyatta (left) touring Kenya USA Diaspora Sacco exhibition stand at Windsor hotel in Nairobi on April 1, 2015. Kenyans in the diaspora have registered 10 savings and credit co-operative societies (saccos). PHOTO | FILE
Industry, Trade and Co-operatives secretary Adan Mohamed said Kenyans abroad are looking to use the saccos to pool funds for investment back home.
They have registered two saccos in the US, two in Qatar, and one each in Germany, Swaziland, Nigeria, France, South Africa and Canada.
The asset base of deposit taking saccos stood at Sh342.8 billion by the end of 2015, with deposits of Sh237.4 billion.
Kenyans in the diaspora have registered 10 savings and credit co-operative societies (saccos) to promote investments and savings culture among themselves.
Industry, Trade and Co-operatives secretary Adan Mohamed said yesterday the Kenyans abroad are looking to use the saccos to pool funds for investment back home, after years of individuals depending on relatives to invest on their behalf.
“They have registered two saccos in the US, two in Qatar, and one each in Germany, Swaziland, Nigeria, France, South Africa and Canada,” said Mr Mohamed during the launch of the front office services at Taqwa Sacco in Nairobi.
He said the ministry would continue to support registration of such entities in the diaspora, which has become a leading source of inflows into the economy. The co-operative movement has 22,000 registered societies with more than 14 million members.
The asset base of deposit taking saccos stood at Sh342.8 billion by the end of 2015, with deposits of Sh237.4 billion.
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