CIC trains saccos on complying with law

Regional underwriter CIC Insurance Group #ticker:CIC has moved to firm its grip on the credit union market with the launch of a governance and financial management skills training programme for 2,000 co-operative society leaders.

Co-operatives division general manager Richard Nyakenogo said the co-operative sector was its mainstay client hence the need to offer member education, training and information for socio-economic empowerment.

“Co-operatives are our most valued shareholders, business partners and the seminars offer us an opportunity to strengthen our relationship for mutual benefit while contributing to the growth of the co-operative movement,” said Mr Nyakenogo.

He was addressing the inaugural cohort of 300 leaders drawn from Nairobi-based co-operative societies that will be followed by a countrywide training.

The exercise comes a month before the Sacco Societies Regulatory Authority activates its enforcement and investigative arm in partnership with the Ethics and Anti-Corruption Commission aimed at reining in errant officials blamed for running down societies, where money is lost via misplaced investments and embezzlement.

This could see officials found culpable pursued and personal assets seized to recover lost co-operative society property as well as have them held criminally liable.

The listed insurer majority-owned by co-operative societies largely serves the co-operatives sector with financial products from group life cover, loans and deposits cover and the Kamati cover for board members.

The group is made up of three subsidiaries, CIC Life Insurance, CIC General Insurance and CIC Asset Management with operations in Kenya, South Sudan, Uganda and Malawi and is seeking to expand into more markets within East and in Central Africa.

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