Co-ops meet to discuss technology and innovation for sustainable development

Co-operative Bank, through its subsidiary, Co-op Consultancy &
Insurance Agency has kicked off its Annual National Co-operatives workshop where CEOs from across the country will deliberate key issues concerning the industry.

The workshop themed Co-operatives Tomorrow: Technology and Innovation for Sustainable and Inclusive Development was presided over by the PS State Department for Co-operative Development, Ali Noor Ismail, who in his keynote speech highlighted the importance of leveraging technology in Co-operatives to spur innovation.

Speaking at the workshop, Ismail said: “With adoption of technology in Cooperatives, we have seen new types of products introduced that meet more specific needs of members, improve liquidity in Saccos and even yield better margins for Co-operatives. In short, Co-operatives today operate smarter than they did in the past.”

The three-day workshop will focus on engaging the CEOs on how to revolutionise their societies and operate within the competitive business environment with the constantly changing market dynamics. The Bank’s subsidiary Co-op Consultancy’s main role is to enhance the institutional capacities of co-operative societies, who are the core stakeholders of the bank.

Coop Bank Director Co-operatives Division  Vincent Marangu
said: “We understand that organisations are faced with numerous institutional challenges which they must address in order to attain their goals in the dynamic business environment in the country. As Co-operatives are the key stakeholders of the bank, we facilitate such workshops every year to create an environment where they can deliberate, share learnings and build each other.”

This year’s workshop will cover a wide range of topics such as building technological capabilities in Co-operatives which will help the participants think strategically about technology beyond adoption and managing the associated risks. It will include a panel
discussion focusing on three key areas, building capacity in terms of strategy, governance and security.

It will also cover demystifying digital transformation in Co-operatives; many Co-operatives have carried out system changes and adopted new technologies but they are not fully digital. This session will breakdown what digital transformation is and demonstrate what the Co-operatives need to do to achieve it. They will also cover management and expansion of the Agricultural value chain, this session will challenge the participants to think further on what they can do to expand their value chain and introduce new alternatives to their existing business models.

The Co-operatives CEOs will also cover managing technology partnership, leadership and coaching and the Impact of the Proceeds of Crime and Anti Money Laundering Act (PoCAMLA) to bring on board Deposit-taking SACCOs into mandatory reporting of large transactions in respect to prevention of money laundering and combating the financing of terrorism.

This workshop is one of several trainings offered to Co-operatives by Co-operative Bank, through Co-op Consultancy & Insurance Agency, to help them in capacity building, development and growth.

The vibrant and dynamic co-operative movement in Kenya is a key player in the economy, controlling about over 40% of Kenya’s gross domestic product (GDP).

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The Cooperative Societies in Kenya employs more than 500,000 people, besides providing opportunities for self-employment to many more. Savings and credit societies (SACCOs), the fastest growing sub-sector in the movement, controls over 30% of national savings.