Outlook for Co-op industry in 2020

By Jackson Okoth Economists are already projecting tougher times for Kenya’s economy this year. But even with grim prospects and gloomy statistics, the resilient Co-operative industry is putting on a brave face. Latest figures from Sacco Societies Regulatory Authority (SASRA) databases indicate that Kenya’s Sacco Sub-sector holds total assets worth more than Sh 442.3 billion…

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Metropolitan Sacco

TSC stopped 11,310 teachers’ remittances to Metropolitan Sacco

The Teachers Service Commission (TSC) released a list teachers whose remittances to Metropolitan Sacco had been stopped and those who are still active members. In a letter dated April 4, signed by TSC CEO Dr Nancy Macharia, directed to clerk of Senate, she said 11,310 teachers’ remittances were stopped while 2,401 teachers were still members…

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Jubille Insurance Chief Operating Officer Njeri Jomo.

Jubilee Insurance raises shareholder payouts after stronger profit

Jubilee Health Insurance posted a net profit of KSh438.6 million for the Financial Year ended December 2023 representing a 29 per cent increase from the KSh339.1 million recorded in 2022. The insurer’s Chief Operating Officer Njeri Jomo, said the organization realised a three-fold increase in cash flows generated from operations. She added, “As a company…

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Cabinet Secretary for Information, Communications and the Digital Economy, speaks at the Aga Khan University’s Digital Transformation Conference on April 17.

286,000 locally assembled phones sold since October 2023, says CS Owalo

Some 268, 000 government-backed locally assembled smartphones have been sold to Kenyans since the first consignment was unveiled to the market end of October last year. The figure translate to 80 per cent of the 330, 000 phones assembled. Cabinet Secretary for Information, Communications and the Digital Economy, Eliud Owalo speaking at Aga Khan University’s…

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Nairobi City

Nairobi fourth wealthiest city in Africa with 4,400 super-rich individuals

The latest African Wealth Report for 2024 shows places Nairobi as fourth wealthiest City as South Africa cities and regions dominate the Top 10 wealthiest on the African continent. According to the report, the number of super-rich in Kenya’s Capital City increased by 25 per cent to 4,400 in 2023 compared to more than 10…

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Mentor Sacco, Chief Executive Officer, Joyce Waceke Ndegwa.

Steady rise of Joyce Ndegwa from clerk to CEO of Mentor Sacco

Mentor Sacco Chief Executive Officer (CEO) Joyce Waceke Ndegwa is one of the most highly rated female leaders in the cooperative sector in Kenya. Waceke, the lead actor in this increasingly illustrious cooperative society, exhibits deep knowledge of the Sacco sub-sector. “You need to understand your industry thoroughly; new and emerging trends, and threats and…

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Asili Sacco delegates during the Sacco ADM. Photo; Obegi Malack

Asili Sacco recruits a record 3,500 members in 2023 as it casts net wider

Asili Deposit Taking Sacco Society Limited, taking a huge leap in performance across board, pulled a major stunt in membership as 3,500 more were added into the fold in the year ended December 2023. In financial reports released by the Sacco National Chairman Evans Kegode Aluda during the Sacco Annual Delegates Meeting (AGM) in KICD…

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Hilton Hotel in Nairobi

Iconic Hilton Hotel in Nairobi’s CBD put up for sale

Interested parties have been invited to purchase iconic Hilton Hotel situated in the Nairobi’s Central Business District. Both State and Hilton International Hotel Limited on Tuesday, April 16, separately invited expressions of interest from willing buyers to acquire 100 per cent equity stake in the hotel. In an advertisement published in one of the dailies…

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SACCO Saccos
Ben Oroko

How Saccos can assist members to spread out their investments

Saccos are democratically owned and member-controlled financial institutions that play a pivotal role in Kenya’s financial services economy. These credit cooperatives more often than not provide a wide range of products and financial services to their members, including but not limited to savings, loans, insurance and investment. Saccos can play an important role in assisting…

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Kericho County Commissioner of Cooperatives Leonard Otii.

Defaulters on Sacco loans accused of denying others chance to borrow

Kericho County Commissioner of Cooperatives Dr Leonard Otii has said defaulters on loans and those who delay repayments are denying other members a chance to use the same facility. Speaking during Simba Chai Sacco’s Annual Delegates Meeting (ADM), Otii was concerned about the high rates of delinquency witnessed in some societies, which he cautioned the…

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Saccos vs money market funds: Which gives the best return?

Money Market Funds (MMFs) and Savings and Credit Cooperative Organizations (SACCOs) are both money-saving instruments that have gained popularity in the country. And they both promise one thing — to make your money work for you. The two work in different ways therefore understanding their unique features before making a choice is vital. What are…

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