News

IG Sacco members urged to buy more shares

The newly refurbished IG Plaza along Muruli Road in Kakamega.

By Tindi Kuchio IG (Invest and Grow) Savings and Credit Co-operative Society Limited members have been urged to buy more shares in the Sacco when their salaries are increased. Speaking during the Sacco’s Special Delegates Meeting at Golf Hotel in Kakamega recently, Kakamega County Co-operative Commissioner, Nathan Mukhweso said this will increase the Sacco’s share capital  and hence enable it ...

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SASRA warns saccos over big rise in bad loans

Transnational Times Sacco (TNT) CEO George Malava (left), Treasurer Robert Omari and Chairman Christopher Nyongesa follow proceedings.

By Jackson Okoth The Sacco Societies Regulatory Authority (SASRA) has raised the red flag over an increase in the volume of Non-Performing Loans (NPLs) beyond the prescribed limits. The Authority is also concerned that most DT-Saccos are not retaining sufficient earnings to build capital, proportionately to the growth of their asset bases. “It also shows that many DT-Saccos tend to ...

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Kiambu rivals Nairobi in DT-Saccos

Harambee sacco chair Macloud Malonza (r) with PS Ali Noor presenting a certificate to a Sacco member.

By Staff Reporter Kiambu County has the highest distribution of Deposit-Taking Saccos headquarters outside the national capital, Nairobi. According to the market regulator, the Sacco Societies Regulatory Authority (SASRA) report, the national commercial and administrative capital, Nairobi City County, hosts headquarters of 41 DT-Saccos while Kiambu has 15. The Co-operative Societies Act under which DT-Saccos are registered requires every DT-Saccos ...

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Sacco Boards’ headache over exiting CEOs

Kipruto Sigei, Former Imarisha Sacco CEO

By Jackson Okoth A trend is rapidly emerging where DT-Saccos prefer to look inwards when seeking to replace Marketing Managers, Finance Managers, Chief Executive Officers or even Chairpersons to the Boards of Directors. Those Saccos with no suitable replacements from within the society would rather poach these executives from other saccos rather than extend their recruitment outside the industry. “Saccos ...

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Sh95m for women, youth

Bibi Fondo, Kilifi
County Secretary

By Our Reporter. Kilifi County Secretary, Bibi Fondo has said Sh95 million will be allocated to women, youth and people with disabilities through Saccos to improve their living standards. Speaking during the official closing ceremony of Imarika Sacco Special Delegates Meeting recently Fondo said that many people in the country have managed to accomplish their personal developments through taking loans ...

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Amica unveils strategy to cut costs

Website-Logo-sacco-review-1

By Kage Njoroge. Amica Savings and Credit Society has embarked on strategic measures to reduce the cost of doing business in the highly competitive financial sub-sector. Amica Chief Executive Officer (CEO), James Mbui said that the steps being taken include closing down branches facing challenges, engaging in agency banking contracts, application of ICT driven service delivery and reducing the workforce ...

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Tower Sacco to put up Sh75m head office

Tower Sacco CEO, Mr Njihia Waweru (second right) with a sacco member when he presented a trophy won by the sacco for being the most improved and fastest growing large sacco.

By Munene Maina. Members of Ol Kalou-basedTower Sacco Society Limited will put up a Sh 75 million four-storeyed office complex to serve as the Society’s head offices. A feasibility study conducted by the Society’s Board of Directors found that the Sacco has outgrown its current office block and is in need of more space as well as a new image. ...

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Protect businesses from political risks, State urged

2NK matatu Sacco chairman James Kahiro (right) and a sacco official helps a driver Mary Wanjiru (left) in straightening a tie during a two-day training session at YMCA hall in Nyeri town.

By Wakahiu Muthoni and Joseph Mukubwa. The business community has called on the Government to safeguard their investments from political upheavals. Speaking to the press in Thika town recently, Urithi Housing Society Chairman, Samuel Maina said the recent political demonstrations had caused uncertainty, thereby seriously affecting their businesses. “The Government should secure our businesses from political upheavals and assure the ...

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Governor moots bill to improve co-ops

By Munene Maina. NyandaruaGovernor Francis Kimemia has urged the County Assembly to legislate on proposed Nyandarua County Co-operatives Bill which seeks to set up a fund to reinvigorate co-operatives in the county. The Governor said some of the existing legislation would be amended to enhance service delivery to residents and empower farmers and other agriculture-oriented traders economically. “We plan a ...

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Ng’arisha Sacco members sensitized at Education Day

Website-Logo-sacco-review-1

By Godfrey Wamalwa. Ng’arisha Sacco, formerly known as Bungoma Teachers Sacco, recently held a week-long Education Day to enlighten 13,000 members on its goals and achievements. The members are drawn from teaching fraternity, micro-credit, retirees, and county government staff among others. During the well-attended event, the management highlighted sacco’s achievements and challenges as well as a review of the past ...

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