Month: October 2020

By Roy Hezron The 33rd World Cooperative Congress Day celebrations, which were to be held next month in South Korea, have been postponed due to the Covid-19 pandemic. The congress, which brings together all co-operative movements affiliated to the InternationalCooperative Alliance(ICA), has been re-scheduled to December next year. Seoul will still host the celebrations. The…

By Simon Njane Savings and Credit Cooperative Societies (Saccos) leaders are expressing mixed reactions to the regulator’s call for mergers as deposits get skewed towards large entities. While leaders of various Saccos support the proposal by the Sacco Societies Regulatory Authority (Sasra) that Saccos should consider merging to avoid collapsing, they are calling for caution….

By Sammy Chivanga When Covid-19 struck, it was expected that many Savings and Credit Cooperative Societies (Saccos) would face their biggest liquidity test. And as an increased number of Sacco members applied for consumption loans, Sacco leaders such as the Kenya Union of Savings and Credit Co-operatives Ltd (Kuscco) called for caution. But in a…

Press Release 19th October 2020 The Co-operative Bank has been named Best Bank in Kenya at this year’s African Banking Awards 2020 organised by EMEA Finance. This is the third time around, having won again in 2018 and 2019. The EMEA Finance Awards recognise financial institutions which, through their client focus and sound leadership, continue…

By Roy Hezron Public universities and other tertiary institutions have been accused of failing to remit members’ deductions to Saccos. The Sacco Societies Regulatory Authority (Sasra), in its annual report, says that the highest proportion of total non-remitted deductions are owed by public universities and colleges. With five deposit-taking Sacco societies whose membership are directly…

By Sammy Chivanga Savings and Credit Cooperative Societies (Saccos) are increasingly turning their focus on motorcycle riders and women groups for new membership and uptake of products. Motorcycle riders, popularly known as boda bodas, are in particular seen as the fastest growing income group and many Saccos are coming up with targeted products for them….