July, 2020 - Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya

Vihiga’s 95 registered Saccos plagued by challenges

Sacco Review4 years ago4 years ago03 mins

By Our Reporter Vihiga County has well over 95 registered co-operative societies based on agriculture and savings and credit co-operative societies (SACCOs), housing, handicraft, and transport services. These co-operatives are distributed as follows: four dairy, five coffee, 57 savings and credit (Saccos), 12 housing, and 17 other co-operative societies based in the informal economic sector….

Sh.1 billion Corona kitty mooted to cushon Sacco members

Sacco Review4 years ago4 years ago06 mins

By Sammy Chivanga The State Department of Co-operatives is rooting for a Covid-19 response team to mobilise up to Sh1 billion kitty to support members of co-operative movement and their families as coronavirus continues to cause layoffs and salary cuts. A concept note from the state department shows the unit wants to put up non-clinical…

Kenya bags Sacco member growth award

Sacco Review4 years ago4 years ago01 mins

By Staff Reporter Due to its nonpareil promotion for the growth of cooperative societies, Kenya has earned a global accolade for particularly welcoming close to one million members in a spun of one year. In a virtual annual general meeting, World Council of Credit Unions (Woccu) delegates voted Kenya as an exceptional member that saw…

CIC Group pays Sh. 32 million to Amica Sacco despite Covid-19 challenges

Sacco Review4 years ago4 years ago03 mins

CIC Group, a leading cooperatives insurer in Africa, has settled a Sh. 32 million fire insurance claim in favour of Amica Sacco. The claim arose from a fire incident in which a building owned by the Muranga-based Sacco was reduced to ashes in October 2019. Following the claims settlement, the building that also housed Mathai…

Jamii Bora to get a boost from Co-op Bank after buyout

Sacco Review4 years ago4 years ago05 mins

By Staff Reporter Co-op Bank is set to pump more resources to the staggering Jamii Bora Bank as soon as it completes purchasing a controlling 90% stake in the small lender at a cost of Sh. 1 billion. While responding to questions raised by the bank’s significant stakeholders Shorecup II, Conerstone, private equity firm catalyst…

Full in-tray for new Commissioner for Co-operatives Njang’ombe

Sacco Review4 years ago4 years ago05 mins

By Our Reporter The acting Commissioner for Co-operative Development Geoffrey Njang’ombe is facing a full-in tray for the sector, with little time to settle given the disruption caused to the economy by coronavirus pandemic. Mr Njang’ombe took over from Didacus Ityeng who served briefly in acting capacity following the exit of Mary Mungai in April…

Private school Saccos experience financial impotence as Covid-19 cases hit the ceiling

Sacco Review4 years ago4 years ago02 mins

By Tsozungu Kombe Private school-based Savings and Cooperative Societies (Saccos) in Mombasa County have been greatly affected by the Covid-19 pandemic. Mombasa County Cooperative Commissioner Nelson Nyoro attributed this to the closure of schools that took effect when the first case of Corona virus was reported in he country. He added that the situation has…

Cooperatives run on half budgets as Covid-19 halt meetings

Sacco Review4 years ago4 years ago06 mins

By Sammy Chivanga Cooperative Societies have been given a special window to start spending part of their unapproved budgets in the wake of the Covid-19 pandemic that has made it impossible to hold annual general meetings. The acting commissioner for Cooperatives Geoffrey Njang’ombe has written to all cooperative societies allowing them to spend up to…

Bestrock Sacco pays dividends to members online

Sacco Review4 years ago4 years ago03 mins

By Boniface Mulu The management of the Kitui based Savings and Credit Cooperative Society Limited has paid a total of 1,480,508 shillings dividends to approximately 500 members online. Normally, the society pays dividends to the members during their annual general meeting (AGM) that is usually held in April yearly but the Sacco could not hold…

Is expanded membership becoming burden for Saccos?

Sacco Review4 years ago4 years ago06 mins

By Sammy Chivanga The coronavirus pandemic has reinforced the need for Savings and Credit Co-operative Organisations (Saccos) to diversify membership in order to reduce existential risk. Kenyan economy continues to run into headwinds of Covid-19 since the first case was reported in the country on March 13, triggering job losses and salary cuts whose impact…