The government is planning to enact a law for safeguarding investors in cooperatives and Saccos within our nation. The proposed policy/law aims to make sure that savings and investments of clients are protected from misappropriation by different cooperatives and Saccos, as said by the Chairperson of Parliamentary Departmental Committee for Trade, Industry and Cooperatives James Gakuya.
Gakuya's statement at the Machakos Social Hall during a public hearing of Cooperatives Bill 2024, noted it has loopholes that do not protect investors. Gakuya, who is also the Member of Parliament for Embakasi North, said "The Bill plans to close these gaps by making it difficult for cooperatives and Saccos to embezzle customer savings. This will ensure protection for investors like retired teachers." He pointed out that numerous clients, particularly ones from the diaspora, put their money in land buying firms and these investments are being misused. This situation results in a lack of faith towards cooperatives and Saccos within Kenya. Moreover, Gakuya stated that the Bill will guarantee professionalism and honesty in choosing cooperative and Sacco managers to protect people's investments. He also urged Kenyans to put their money into Saccos. Furthermore, Kamene Kasimbi who is the Machakos Women Representative, cautioned the Directors and Chairmen of cooperatives and Saccos that they will be held liable if any embezzlement occurs. The legislator stressed on the significance of gender balance in cooperative and Sacco's management.