Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Felix Wanderi Poor decision making and bad debts have plugged Kumisa Sacco into a financial mess. During a recent Sacco AGM held at Kirigiti stadium, it emerged that the institution started in 2013 is on the verge of collapsing owing to liquidity challenges. The Sacco Board of Directors Secretary John Gakure informed members that…
By Our Reporter Co-operatives Principal Secretary Ali Noor Ismail has said the proposed Sacco Societies Fraud Investigation Unit (SSFIU) will start operations next month. The unit will have official from the Saccos Societies Regulatory Authority (SASRA), the Directorate of Criminal Investigations (DCI) and the Ethics and Anti-Corruption Commission (EACC). “Plans to operationalise the SSFIU are…
By Our Reporter The National Treasury Cabinet Secretary Ukur Yatani has directed all government parastatals to remit billions of shillings in statutory deductions within the next four months. Unremitted Sacco deductions stand at Sh 2.261 billion according to the treasury data. He warned state corporations chief executives who will not comply with the directive. Many…
“We must embrace technology and be careful that we deploy the best technology that will not attract loses or prone to cyberattacks,” said Mandago.
The government has moved to protect farmers from low milk prices By Our Report Co-operative societies income is expected to dip as the Kenya Dairy Board (KDB) has capped the amount they can deduct from farmers at Sh2 per litre. Some co-operatives are currently charging up to Sh3 a litre as administrative cost to the…
KUPPET in bid to bolster membership By Azael Masese Kenya Union of Post Primary Education Teachers (KUPPET) will embark on an aggressive recruitment drive to make it the single largest union in the country. With a current membership of about 90,000, KUPPET National Chairman Omboko Milemba said growth will be epitomized by total stability, performance…
By Jackson Okoth Heavily indebted Kenya Planters Co-operative Union (KPCU), which has been under receivership for years, is finally on its final dash to oblivion. A liquidation process, to run over the next six months, will eventually bring down the curtain of the oldest and largest coffee processor in Kenya. In a gazetted liquidation order,…
By Kage Njoroge and Azael Masese When the book of Unaitas history, the name of Joseph Ngaai Kabugu is read loud and clear. Kabugu, the founding member of Unaitas when it started in 1993 in Murang’a, has risen through the ranks to become the society’s third chair. “Members proposed that I join the board in…
Ali Noor Ismail The Co-operative movement in Kenya is rated first in Africa with over 22,000 registered co-operative societies commanding a membership of over 14 Million and employing more than 500,000 Kenyans directly and another 1.5 Million indirectly. Co-operatives in Kenya have mobilized members’ savings and deposits of over Sh 732 billion, with an asset base of…
By Jackson Okoth Deposit-Taking Saccos that run FOSAs will in this financial year pay more levy to the Sacco Societies Regulatory Authority (SASRA). This follows a ruling by Judge Weldon Korir that found that amendments to the Sacco Societies Deposit Levy order were done in consultation with all stakeholders, hence could not be quashed or…
