President Uhuru Kenyatta has ordered his Trade and Industrialization minister Peter Munya to initiate the proposed Sacco Societies Fraud Investigation Unit (SSFIU).
Uhuru made the order which is to be obeyed with immediate effect when he attended the 97th International Cooperstoves Day at the Kenyatta International Convention Center (KICC) in Nairobi on Saturday.
He said that the same is part of his leadership's campaigns aimed at increasing economic growth by introducing polities to seal loopholes that might be used by harmful elements to invade the Saccos.
"Our goal as a government is to serve as facilitators and enablers, to clear the path for cooperatives so that they and their members can realise their full potential,” the Head of State was quoted by Daily Nation.
He noted that the cooperatives sector has grown into a great venture, and has mobilized more than Sh732 billion in member's savings, with the loan portfolio currently standing at Sh700 billion.
Above that, Uhuru added, the cooperatives have as well played a major role in upholding national unity.
"Directly and indirectly, cooperatives account for 45 per cent of Kenya’s Gross Domestic Product and 30 per cent of national savings and deposits," he noted.