Savings and Credit Cooperative Organizations (SACCOs) have been advised to adopt sustainable reporting to promote climate risk management and transparency and enhance confidence for their customers.
Having excelled in mobilizing Kenyans to form cooperatives and financial deepening through mobilization of savings, the institutions have been urged to strengthen their business strategies by encompassing emerging issues like global warming.
Cooperative Alliance of Kenya Chief Executive Officer Daniel Marube said that adopting sustainable reporting is a demand in terms of the changing dynamics in the global market.
“Cooperative societies, mainly the Savings and Credit Cooperative Organization (SACCOs), are not in isolation, as they are in competition with the commercial banks in the deposit-taking business. The financial cooperatives are therefore required to widen their business approach by focusing on emerging issues, for example, the growing youth generation,” said Marube during the opening of a one-week audit, Governance and risk management forum for Cooperatives, held at the Voi Wildlife Hotel.
