Co-op Bank gets top honours at Ushirika Day 2025
Mudavadi noted that with over 15 million members and Sh1.2 trillion in savings, Kenya proudly stands as Africa’s leading cooperative nation and ranks 7th globally
Co-op Bank has emerged as the best performing non-withdrawable deposit-taking Savings and Credit Co-operative Organisation (Sacco) in 2024.
The lender received the honours during the celebrations to mark 103rd Ushirika Day celebrations in Nairobi on Saturday when Co-operatives Cabinet Secretary Wycliffe Oparanya presents the award to Co-op Bank Chief Executive Officer Dr Gideon Muriuki in the presence of Prime Cabinet Secretary Musalia Mudavadi.
During the celebrations at the Kenyatta International Convention Centre (KICC) in Nairobi, Mudavadi noted that a robust cooperative movement anchors capital firmly in the hands of indigenous Kenyans, safeguarding the economy.
“Even in times of political or social turbulence, this homegrown capital remains resilient, reducing the risk of flight compared to foreign direct investment,” he added.
This year’s theme, “Driving Inclusive and Sustainable Solutions for a Better World”, perfectly captures the spirit of Kenya’s cooperative movement: a dynamic force driving our economy and uniting our people. Cooperatives are not just a sector or movement; they are a way of life, a testament to what we can achieve when we come together,” Mudavadi said.
He noted that with over 15 million members and Sh1.2 trillion in savings, Kenya proudly stands as Africa’s leading cooperative nation and ranks 7th globally.
“These figures reflect more than just economic might; they speak to the resilience, ingenuity, and solidarity of our people. Capital knows no tribe. Through cooperatives, we break down barriers, foster unity, and strengthen our social fabric. A robust cooperative movement is the foundation of a strong, inclusive economy. I take this opportunity to encourage all Kenyans to uphold the Constitution, respect the rule of law, and remember that the ballot remains the only constitutional avenue for change. Our peace, security, and stability are priceless, and they form the bedrock of our collective progress,” Mudavadi said.
Apart from Oparanya, others present were Gender, Culture, the Arts and Heritage Cabinet Secretary Hannah Cheptumo and Principal Secretaries Patrick Kilemi (Co-operatives), Carren Ageng’o (Children Services State Department) and Nick Biketi Malenya (Legislative Parliamentary Affairs).
Oparanya called on development partners to stop routing funds meant for small enterprises through commercial bank and instead use Saccos to as they are more efficient and closer to the grassroots.
“Saccos have mobilised Sh1.2 trillion in savings and disbursed Sh1 trillion in loans, with only Sh200 billion idle. This shows they are not only stable but also more accessible to ordinary citizens compared to banks,” he said.
