Co-op Bank trains Sacco CEOs

L-R: Alice Kosgei, CEO Kenya Highlands Sacco and Director Co-operatives Banking Division at Co-operative Bank Vincent Marangu in discussion with Mr. Ali Noor Ismail, Principal Secretary State Department of Co-operatives at the National Co-operative CEOs’ Workshop held in Mombasa between 7th and 9th May under the theme ‘Technology and Innovation for Sustainable and Inclusive Development’.

Co-operative Bank has kicked off its annual national co-operatives workshop where chief executive from across the country deliberate on key issues concerning the industry.

Through its subsidiary, Co-op Consultancy and Insurance Agency, the CEOs will be sensitised on how to revolutionise their societies and operate within the competitive business environment.

The workshop themed “Co-operatives tomorrow: Technology and Innovation for Sustainable and Inclusive Development” aims to enhance the institutional capacities of co-operative societies, who are the core stakeholders of the bank.

Co-operative societies are challenged to leverage on information communication technology (ICT) in a bid to assist them grow as well as drive innovation.

PS State Department of Co-operatives, Ali Noor said access and use of ICT continues to be on the increase in every aspect of development in the Co-operative sector.

Speaking at the workshop, Coop Bank director co-operatives division Vincent Marangu said the organisations are faced with numerous institutional challenges which they must address in order to attain their goals.

“As co-operatives are the key stakeholders of the bank, we facilitate such workshops every year to create an environment where they can deliberate, learn and build each other,” he said.

This year’s workshop covers 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.

Among the key topics lined up for discussion include building capacity in terms of strategy, governance and security.

It will also cover demystifying digital transformation in co-operatives; many such societies have carried out system changes and adopted new technologies but they are not fully digital.

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 to bring on board deposit-taking Saccos into mandatory reporting of large transactions with respect to the prevention of money laundering and combating the financing of terrorism.