Co-op Bank trains co-operatives on using technology to improve sustainability

Co-operative Bank, through its subsidiary, Co-op Consultancy and Insurance Agency has kicked off its Annual National Co-operatives workshop where CEOs from across the country will deliberate key issues concerning the industry.

The workshop themed Co-operatives Tomorrow: Technology and Innovation for Sustainable and Inclusive Development was presided over by the PS State Department for Co-operative Development, Ali Noor Ismail.

Ali Noor Ismail (r) highlighted the importance of leveraging technology in co-operatives to spur innovation. Photo: Co-op Bank
Source: UGC

In his speech , Ali highlighted the importance of leveraging technology in co-operatives to spur innovation.

“With adoption of technology in co-operatives, we have seen new types of products introduced that meet more specific needs of members, improve liquidity in Saccos and even yield better margins for Co-operatives. In short, Co-operatives today operate smarter than they did in the past,” said Ali.

The workshop will focus on engaging the CEOs on how to revolutionise their societies and operate within the competitive business environment with the constantly changing market dynamics.

The Bank’s subsidiary Co-op Consultancy’s main role is to enhance the institutional capacities of co-operative societies, who are the core stakeholders of the bank.

“We understand that organisations are faced with numerous institutional challenges which they must address in order to attain their goals in the dynamic business environment in the country. As Co-operatives are the key stakeholders of the bank, we facilitate such workshops every year to create an environment where they can deliberate, share learnings and build each other,” noted Coop Bank Director Co-operatives Division Vincent Marangu.

This year’s workshop will cover a wide range of topics such as building technological capabilities in co-operatives which will help the participants think strategically about technology beyond adoption and managing the associated risks.

It will include a panel discussion focusing on three key areas, building capacity in terms of strategy, governance and security.

It will also cover demystifying digital transformation in co-operatives; many co-operatives have carried out system changes and adopted new technologies but they are not fully digital.

This session will breakdown what digital transformation is and demonstrate what the Co-operatives need to do to achieve it.

They will also cover management and expansion of the agricultural value chain, this session will challenge the participants to think further on what they can do to expand their value chain and introduce new alternatives to their existing business models.

The co-operatives CEOs will also cover managing technology partnership, leadership and coaching and the Impact of the Proceeds of Crime and Anti Money Laundering Act (PoCAMLA) to bring on board deposit-taking SACCOs into mandatory reporting of large transactions in respect to prevention of money laundering and combating the financing of terrorism.

This workshop is one of several trainings offered to co-operatives by Co-operative Bank, through Co-op Consultancy and Insurance Agency, to help them in capacity building, development and growth.

The vibrant and dynamic co-operative movement in Kenya is a key player in the economy, controlling about over 40% of Kenya’s gross domestic product (GDP).

The Co-operative Societies in Kenya employ more than 500,000 people, besides providing opportunities for self-employment to many more.

Savings and credit societies (Saccos) are among the the fastest growing sub-sector in the country and controls over 30% of national savings.

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Source: Tuko