SECURING RELIABLE CO-OPERATIVE CAPITAL WHILE GUARANTEEING MEMBER CONTROL GEORGE OTOTO MANAGING DIRECTOR KUSCCO LTD
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1 SECURING RELIABLE CO-OPERATIVE CAPITAL WHILE GUARANTEEING MEMBER CONTROL GEORGE OTOTO MANAGING DIRECTOR KUSCCO LTD 1
2 INTRODUCTION While secondary and tertiary co-operatives in Kenya do not have as much capital as they would like to fund, operate and sustain their activities, largely because they may not directly be involved in the business of producing and/or selling goods and services, they nonetheless have great opportunities to tap to finance their operations. The following are some of these opportunities that can be employed. This presentation will highlight, among others the following; 2
3 1. What KUSCCO specifically has done to raise capital to fund its operations 2. Case studies (short video clip presentation) 3. Innovative strategies we have and are using 3
4 First, let me outline an abbreviated profile of KUSCCO LTD Brief Profile of KUSCCO KUSCCO was established in 1973 as an umbrella organization for all SACCOs in Kenya. The Union has since remained the principal national organization recognized as an institution responsible for representing and speaking on behalf of SACCOs. Our cross-cutting objectives in this regard are summarized as: 4
5 KUSCCO OBJECTIVES 1. Provide advocacy, lobby, advice and protect SACCO- members against adverse legislation and/or restrictions. 2. To act as the principal local and international representative and mouth-piece of SACCOs. 3. Promote the organization and development of viable SACCOs 4. Disseminate information concerning SACCOs and co-ordinate their operating methods and practices and foster Education and Training of members, officials and employees. 5
6 WHAT KUSCCO HAS SPECIFICALLY DONE TO RAISE CAPITAL TO FUND ITS OPERATIONS While borrowing is an alternative avenue to raise capital for short term use, e.g. to fund investments, KUSCCO has more or less and from time to time borrowed for that purpose. However, for long term operations and sustainability of our activities, we have essentially funded our operations from within. The following are some ways we have done so: 6
7 1. STRATEGIC PARTNERSHIPS WITH LOCAL AND INTERNATIONAL DEVELOPMENT PARTNERS In tandem with one of our objectives, namely to lobby on behalf of SACCOs, we have from time to time, engaged International organizations in funding projects whose target beneficiaries are SACCOs. Some of these International Organizations have included, just to mention a few, MESPT, YEDF, COOP Africa, ILO, and USAID. 7
8 As an example, in 2011, KUSCCO was awarded, through a competitive Request for Application (RFA) process, fund by COOP AFRICA/ILO. This fund went directly to supporting our SACCOs in improving, strengthening, and restructuring their operations specifically in Market valuechains and ICT infrastructure. Now the SACCO is exporting members produce to neighboring country (Uganda) and has greatly streamlined its ICT functions. This type of SACCO-support creates a strong-bond with us, thus strengthening our relationship with SACCOs 8
9 SHORT VIDEO CLIP The following is a short video-clip showing the then Project Manager at KUSCCO being interviewed with regard to the project by Independent consultant from COOPAfrica/ILO expounding on the progress of the project) 9
10 2. COLLABORATION WITH GOVERNMENT OF KENYA One of the key pillars of Vision 2030 is empowerment and creation of employment opportunities for youth through Youth Enterprise Development Fund. KUSCCO has collaborated with the government in ensuring this important milestone in our economic development is achieved. We have developed and created products for youth to engage in viable business ventures thus offloading, as it were, the burden on the corporate sector, of job-creation for the youth. In turn, we are able to generate income to sustain our operations accordingly. As at this moment, we have given out Kshs 20 (Twenty) Million in loans to youth for business ventures, some as simple as Hair-salons, Cyber-cafes, mobile phones and electronic accessories, Cereals, Second-hand clothes, Motor cycles, Taxis, etc. 10
11 3. SPECIFIC SACCO- TARGETED INITIATIVES At KUSCCO, we have developed and refined over the decades, products and services finely tailor-made to fill in gaps in the SACCOs. Enumerated here below are some of these product/services: 11
12 THE CENTRAL FINANCE FUND This is the inter-lending facility for SACCOs affiliated to KUSCCO. It mobilizes funds within the SACCO Movement, extends the credit to individual SACCOs accordingly. The program also offers attractive interest rates on the deposits made by SACCOs. 12
13 RISK MANAGEMENT SERVICES Risk Management Services provide SACCOs with a Fund that gives them mutual protection against loan losses. This enables SACCOs to cooperate horizontally and also spread their risks among fellow societies. 13
14 EDUCATION AND TRAINING SERVICES Through the program, SACCO officials, staff and members are educated on governance issues, financial management, Human Resource, taxation, asset and liability management among others. 14
15 KUSCCO HOUSING FUND The KUSCCO Housing Fund started in the year 2000, is arguably one of Kenya's cheapest housing loan schemes. The Union has disbursed a total of Kshs. 303 million to date to individual SACCO members to buy land, purchase a house or for house construction. 15
16 RESEARCH AND CONSULTANCY SERVICES Some of the consultancy services provided to our affiliates and individual members include strategic planning, feasibility studies, training needs analysis, curriculum development, salary and benefits survey, job description and evaluation, organizational development and restructuring among others. 16
17 CORPORATE AFFAIRS AND MARKETING DEPARTMENT This department deals with management of Corporate Affairs, Corporate Social Responsibility, Media Watch and Corporate Image. Other functions include Guest Relations, Brand Management, Marketing, Recruitment of New SACCOs and Affiliates and Sourcing for New Business Ventures. It publishes The SACCO Star magazine on a quarterly basis as a medium for creating awareness and as an extension of advocacy. 17
18 4. INTERNATIONAL CONSULTANCY (EASTERN AFRICA) KUSCCO has and continues to conduct consultancy activities in the cooperative sector of other countries. For instance, in August 2014, we carried out Feasibility Study for Front Office Services Activity for establishing deposit taking wing of TANESCO SACCOs in Dar es Salaam Tanzania. We are expanding our catchment area in other countries including Swaziland, Ethiopia, and South Sudan. These services and products are charged at very affordable fees based on the cooperative model of Cooperation among cooperators. In this way, KUSCCO is able to sustain its operations. In view of the foregoing, therefore, secondary co-operatives can employ similar initiatives in their sectors to create operational capital. 18
19 2.5 GENERATING CAPITAL AT SACCOS/COOPERATIVES LEVEL SACCOs are either in Marketing or Produce business most of them with highly developed market-value chains locally or internationally. For instance, Agri-based SACCOs (dairy, tea and coffee) majority of them in Central and Rift Valley regions of Kenya, have member-based producers, delivering produce to the SACCOs-owned processors or corporate or government processors for packing and marketing. On the other hand, Non-Agri-based SACCOs, (such as employeebased SACCOs, Transport SACCOs, etc) have Front-office services offering Savings and Credit facilities with a wellestablished products/services portfolio. Some SACCOs have a common-bond whilst others have an open-bond. Housing Cooperatives are investors in real-estate, a fastdeveloping sector in Kenya. Not only do they buy land and sell at competitive rates to members and non-members as well, they also, in some instances, construct housing estates for sale. 19
20 CONT. In addition, SACCOs can, and some have, diversified their income streams to include investment in shares of NSEquoted companies, shares/equities of secondary cooperatives (e.g KUSCCO, CIC-group), share in cooperatives bank and in government bonds. These earn annual handsome dividends and other incomes. Further, SACCOs can, and some, have invested in shortterm securities in cash and cash-equivalents including fixed deposits. All these activities generate abundant income to sustain operations. In a nutshell, primary SACCOs, when properly managed, are able to generate own capital for operations and sustainability. 20
21 END Thank you For more information, please or call (020) , (020) , ,
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