The push to deepen the already successful Sacco movement in Kenya has yielded two new Saccos in Qatar to tap on growing Diaspora remittances to Kenya.
Corniche investment Sacco and the Kenya Qatar Cooperative Society were launched today by Industrialization & Enterprise Development Cabinet Secretary Adan Mohamed who termed the development ‘an important milestone’ for the award winning Sacco movement in Kenya.
Kenya was recently ranked as the seventh most attractive investment destination in emerging markets and the push to deepen diaspora Saccos will ultimately lead to a growth in investments in Kenya.
The Sacco Movement is ranked first in Africa the seventh best globally and is one that draws huge membership from across the Country, with nearly 12 million members, a feat that the Government is keen to sustain.
Similar diaspora Saccos have been registered in the USA, UAE and the UK.
The Cabinet Secretary challenged the Sacco members to participate in National projects such as housing and construction as well as take advantage of emerging opportunities in Energy and Infrastructure.
Kenyans in the diaspora remit nearly Sh100bn annually.
The two Saccos eyes over 10,000 Kenyans living and working in Qatar.