Kenyans Joined The Rest Of The World In Marking The 100th International Cooperative Day Better Known In Kenya As Ushirika Day On Saturday, July 2, 2022
By Admin
Date: July 2, 2022
On July 2, 2022, Kenyans joined the rest of the world in marking the 100th International Cooperative Day, better known locally as Ushirika Day. The day serves as an annual occasion to recognize and celebrate the achievements of the cooperative movement, which has played a critical role in financial inclusion, social development, and economic empowerment.
The 2022 celebrations were themed “Cooperatives Build a Better World”, highlighting the role of cooperatives in improving livelihoods, promoting social cohesion, and driving sustainable development.
The main event was held at the Kenyatta International Conference Centre (KICC) in Nairobi, where President Uhuru Kenyatta presided over the celebrations. In his address, the President emphasized the importance of legislative and regulatory frameworks to safeguard the cooperative sector and protect members from financial malpractice, including pyramid schemes.
“Legislative measures are necessary to ensure that Savings and Credit Cooperatives (SACCOs) operate within the law and that members’ investments are protected,” President Kenyatta said. He highlighted the significant progress the sector has made under the oversight of the SACCO Societies Regulatory Authority (SASRA).
The President acknowledged that SASRA’s regulations have instilled confidence among Kenyans, encouraging them to save more in SACCOs. The assurance of safe and transparent management of funds has strengthened public trust and participation in the sector.
According to President Kenyatta, SACCO membership grew from 3 million in 2014 to 5.5 million by 2021. This growth demonstrates the sector’s increasing relevance as a reliable savings and investment avenue for ordinary Kenyans.
President Kenyatta stressed that with proper regulation under SASRA, pyramid schemes that previously lured unsuspecting investors have largely been eliminated. “We now have trust that SACCOs are adequately controlled, and that members’ investments are secure. This is the best way to prevent fraudsters from exploiting the sector,” he said.
The elimination of pyramid schemes has helped restore confidence in legitimate cooperatives, making them attractive for both small and large-scale investors. Members are now assured that their contributions are protected and that SACCOs adhere to sound governance and operational standards.
The President also highlighted impressive growth in SACCOs’ financial portfolios. Between 2014 and 2021:
These figures reflect both increased member participation and the sector’s capacity to mobilize and deploy funds effectively, supporting personal, business, and community development projects across Kenya.
SACCOs continue to play a crucial role in financing the land and housing sub-sector. President Kenyatta noted that approximately one-third of SACCO loans are directed toward the purchase of land and the construction of homes, demonstrating the sector’s contribution to improving living standards and wealth creation among members.
This focus on tangible, long-term investments highlights SACCOs as key players in Kenya’s economic development strategy. By enabling home ownership and property investment, SACCOs enhance members’ financial security and overall quality of life.
While the main event was held in Nairobi, several counties across the country also observed Ushirika Day with local celebrations and community-focused activities. These included forums, educational campaigns, and recognition of local cooperative achievements. The nationwide observance reinforces the cooperative movement’s presence and relevance at both national and grassroots levels.
County-based activities encourage local engagement, improve awareness of cooperative benefits, and provide a platform for members to network and exchange best practices. These decentralized celebrations strengthen community bonds and highlight the cooperative movement’s role in local development.
The 100th International Cooperative Day in Kenya highlighted several important lessons and achievements:
The 2022 theme, “Cooperatives Build a Better World”, is a reminder that cooperatives are more than financial institutions—they are vehicles for social change, economic empowerment, and sustainable development. Moving forward, the sector aims to continue expanding membership, improving governance, and developing innovative products and services to meet member needs.
President Kenyatta’s remarks also highlighted the importance of continued vigilance, strong oversight, and legislative support to ensure that SACCOs remain safe, transparent, and capable of driving inclusive growth across the country.
The 100th International Cooperative Day (Ushirika Day) on July 2, 2022, was a milestone celebration for Kenya, underscoring the cooperative sector’s resilience, growth, and impact. With strong regulation, increasing membership, expanding financial portfolios, and active participation in land and housing development, Kenya’s SACCOs are contributing to national development while building trust and improving the livelihoods of millions of Kenyans.
As the cooperative movement continues to evolve, initiatives like Ushirika Day reinforce the values of solidarity, community empowerment, and sustainable development, truly demonstrating how cooperatives build a better world.
1. National Observance and Presidential Leadership
2. SACCO Regulation and Growth
3. Phasing Out Pyramid Schemes
4. SACCO Financial Performance
5. Supporting Land and Housing Development
6. Cooperative Impact Across the 47 Counties
7. Key Takeaways from Ushirika Day 2022
8. Looking Ahead: Building a Better World Through Cooperatives
Conclusion