YOUTH FINANCIAL INCLUSION: YOUTH URGED TO SAVE THROUGH SACCOS FOR FINANCIAL SECURITY

SACCOS EMBRACE TECHNOLOGY TO ATTRACT NEXT GENERATION SAVERS

AMENDMENT BILL PROPOSES SHARED SERVICES TO STRENGTHEN COOPERATIVES

Young people across the country are being encouraged to embrace saving through savings and credit cooperative societies, or saccos, as a secure and reliable avenue for financial empowerment. The appeal was made during the official launch of the 2025 ushirika day activities held in nairobi, a gathering that brought together leaders from cooperative societies and unions nationwide.

With over 14 million members, saccos have cemented their place as key players in kenya’s financial ecosystem. Now, sector leaders are turning their focus to the youth, urging them to join cooperative societies that are being championed as catalysts for economic growth and empowerment.

The launch event, held in nairobi, drew leaders from various cooperatives across the country, all rallying behind the drive to increase youth participation in the sector.

‘We thank saccos as women since they offer affordable savings and loans to even those who may not have access to traditional banking. I personally enrolled my child and friend into sacco and they were offered financial education and investment strategies when joining,” she said

Institutions within the cooperative movement have embraced digital transformation, offering accessible and affordable credit. These advancements are geared toward meeting the evolving needs of young people and attracting the next generation of economic drivers.

This year’s ushirika day activities come as parliament deliberates on the sacco societies (amendment) bill, 2023.

A key highlight of the proposed amendments is the establishment of a sacco shared services framework. This initiative aims to allow cooperatives to pool resources, adopt financial technology solutions, and foster greater collaboration—especially among smaller saccos—while maintaining operational independence.

“Sacco’s have come in to offer financial services and support for youth and the general public’s development. They aim to empower youth through savings, loans and mentorship, promoting entrepreneurship and economic growth. They play a crucial role in fostering financial inclusion and self-reliance among young kenyans,” mwandoe said.

Despite ongoing governance challenges—including financial mismanagement involving irregular loans and undeclared deposits at the kenya union of savings and credit co-operatives (kuscco)—the sector has recorded notable achievements. These include contributing over 30% of national savings and significantly improving livelihoods at the grassroots level.
The ushirika day celebrations will feature a range of activities aimed at showcasing the power of cooperation in achieving national development goals.
The 2025 ushirika day marks not only a celebration of the cooperative movement’s milestones but also a rallying call for the youth to take charge of their financial future through unity, savings, and innovation.