Statistics have shown that co-operatives in Kenya act as key players in the economy as they control about 43 percent of Kenya’s Gross Domestic Product (GDP).
The Cooperative Societies in Kenya employs more than 300,000 people, besides providing opportunities for self-employment to many more. Savings and credit societies (Saccos), the fastest growing sub-sector, on the other hand, have mobilized savings of more than 230 billion shillings.
The greatest contribution attributed to cooperatives in Kenya ‘s social and economic development has been in the financial sector, where Saccos and national financial cooperative organizations, Cooperative Bank and Cooperative Insurance Company (CIC), hold substantial savings portfolio accounting for more than 31 percent of Kenya’s gross national savings.
These cooperative societies work with the main purpose of improving the livelihoods of Kenyans and having the best interests at heart for what these societies do, the Co-operative Bank of Kenya (Co-op Bank) through Co-op Consultancy and Insurance Agency (K) Limited (CCIA) took the responsibility of providing consulting and advisory services as well as capacity building to Co-operatives.
The main role of the subsidiary is to enhance the institutional capacities of cooperative societies, who are the core stakeholders of the bank.
It is public knowledge that organizations are faced with numerous institutional challenges which they must address in order to attain their goals in the dynamic business environment in the country.
This is why Co-op Bank through CCIA decided to provide technical advice to these organizations though various services which include but are not limited to: