Kenya’s Ministry of Industry, Trade and Cooperatives has this week launched a platform known as the Cooperative Management Information System (CMIS), an online information registry for Savings and Credit Cooperative Organizations (SACCOs) nationwide.
Adan Mohamed, Kenya’s Cabinet Secretary for Trade, explained that the new CMIS platform will offer integrated online services, including registration of new SACCOs, name searches, renewals and submission of annual returns among other services.
The Cooperative Management Information System is currently being piloted in Kenya’s Nairobi, Machakos, Embu, Muranga and Nakuru Counties as the Ministry prepares for a national rollout.
“The CMIS system is in line with the government’s ongoing ease of doing business program, and we expect that it will spur on more tech-savvy youth and women to join or register new cooperatives,” said Mohamed.
The system comes at a time when Kenyans are showing increasing interest in Savings and Credit Cooperative Organizations. The country is home to more than 6,000 registered SACCOs with the public transport sector benefiting from the services that these groups offer.
In Kenya, SACCOs encourage members to save money by allowing them to borrow cash based on their deposits. Money is borrowed at affordable terms decided by the collective organization through elected directors. They generate income by providing these services to meet related costs.