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…
Ushirika Day: Best Saccos in Picked
High achievers in the Sacco business named By Jackson Okoth Kenya Police Sacco was voted the Best Managed Saving and Credit Co-operative Society countrywide during a prize-giving ceremony to mark the 97th of International Day of Co-operatives, held at Safari Park Hotel in Nairobi.
Government urged to shelve the 2023 Finance Bill
The government has been urged to shelve the 2023 finance bill and introduce it later when the economy recovers. Meru Chamber of Commerce Chairman Joshua Kirimi Mungania said the bill will add extra burden to the already suffering Kenyans who are over taxed. He advised President Ruto to concentrate on the recovery of the economy…
Saccos urged to adhere to the law
By Agnes Orang’o A lot of conflicts witnessed in cooperative societies are contributed by failure to follow the rules of cooperatives, says Benedict Ngumbau Chief Officer of Cooperatives in Machakos county. Ngumbau spoke after visiting Koma Housing cooperative society and commended them for their commitment to ensuring every member benefits. Chief Officer said that many…
Terminus donated by Komarock Housing yet to be functional
By Agnes Orang’o Komarock bus park is yet to be functional four years after Komarock Housing Society handed it over to the Machakos county government. The society chairman Benard Maembe expressed worry that the sh 50m bus park is wearing off when it could solve transport problems facing the area. Maembe told Sacco review that…
The cooperative movement scorecard a decade into devolution
On August 27, 2010, Kenya adopted a new Constitution, quickly forming the Transition Authority whose key mandate was to take stock of government assets across the country and oversee their transfer to counties, where applicable. As the country gears up to mark the 10th anniversary of the devolution, there are so many things to take…
Pros and cons of Saccos paying high dividends
The government recently warned Saccos against the culture of declaring ‘impractical dividends’ to members at the expense of financial stability of the institutions. The government’s argument was that if not checked, the trend would lead to the collapse of many Saccos. Since their inception, Saccos have become very popular among Kenyans and provided financial services…
How loopholes can be sealed to save Saccos from theft of funds
The recent media reports highlighting how one Sacco had lost billions of shillings through its leaders should serve as a wakeup call to all industry players. This may as well be a tip of the iceberg as cases of discontent abound in a number of Saccos across the country. But exactly what could be the…
Taraji Sacco spreads wings to Homa Bay County
Siaya-based Taraji Sacco is set to open a satellite office in Homa Bay County to spur growth in line with its new 2023-2027 strategic plan. Speaking during the Sacco’s 44th Annual General Meeting (AGM), Sacco chairman Charles Ochieng’ Ngutu revealed that a survey conducted recently established that there was an opportunity for business there. “After carrying…
Do cooperatives still value the democratic member control principle?
As a financial year comes to an end, cooperatives need to review the year’s performance through the annual general meetings. Cooperatives are democratic organizations that are controlled by members, who actively participate in setting policies and making decisions. Members are the source of all authority and the basic unit of democratic control. Members need to…
Kewisco to establish own premises in Nairobi to cut costs
Kewisco Sacco is in the process of building its own office block in Nairobi to reduce operational costs. Speaking during the 32nd Annual Delegates Meeting (ADM) held at the Nairobi National Park Club House, the chairperson Rebecca Kipchumba said the land had already been acquired and the Sacco was waiting for the processing of the…
How proposed extension services law will revitalize Agriculture sector
The government plans to revive agricultural extension services through the Agricultural and Livestock Extension Services Bill, 2022, which when passed into law, will establish the Agricultural and Livestock Extension Service (ALES). The corporate body will be mandated to enhance the competitiveness of the agriculture and food industries and increase their long-term productivity. It doing this,…
