Two Diaspora SACCOs launched in Qatar

Industrialization and Enterprise Development Cabinet Secretary Adan Mohamed has launched two Savings and Credit Cooperative Societies (SACCOs) in Qatar to help deepen the SACCO movement in Kenya.

The Corniche investment SACCO and the Kenya Qatar Cooperative Society were launched today in what the CS termed ‘an important milestone’ for the award winning Sacco movement in Kenya. Kenya was recently ranked as the seventh most attractive investment destination in emerging markets and the push to deepen diaspora SACCOS will ultimately lead to a growth in investments in Kenya.

The SACCO movement is ranked first in Africa the seventh best globally and is one that draws huge membership from across the country, with nearly 12 million members, a feat that the government is keen to sustain. Similar diaspora SACCOs have been registered in the USA, UAE and the UK.

The CS challenged SACCO members to participate in national projects such as housing and construction as well as take advantage of emerging opportunities in energy and infrastructure. Kenyans in the diaspora remit nearly Kshs100billion annually.