The County Executive Committee Member for Trade, Industrialization, Tourism Cooperatives and Enterprise Development Eng. Martha Cheruto has tasked a committee to investigate matters affecting Ainabkoi Rural Sacco and to develop a proposal identifying measures to be taken to salvage the society from the threat of revocation of license by Sacco Societies Regulatory Authority (SASRA) and eventual liquidation.
The threat of liquidation has come as a result of the Sacco’s non-compliance with prudential ratios owing to the fact that 65% of its assets are held in land and buildings.
Speaking on Tuesday during a meeting with the leadership of the Sacco led by chairman Nathaniel Chepkener on possible avenues of salvaging them from liquidation, the CECM said,” our objective as a department is to ensure the cooperative movement is vibrant and as the governor’s manifesto purposes to revive the dormant and make the active ones sustainable”
Ainabkoi Olare MCA Hon. Gilbert Chepkong’a on his part urged the cooperative department to see possible ways of mobilizing resources to save the oldest society from imminent collapse.
Ainabkoi Farmers Sacco owns 70% of their physical total assets with Ksh 12M under operations.
Director Cooperative and Enterprise Development Isaac Lagat and Cooperative Commissioner Roselyne Rae were among those present during the meeting.
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