Year: 2020

By Azael Masese Savings and Credit Cooperatives Societies (Saccos) must desist from investing members’ deposits or borrowing to put up rental or commercial buildings. Acting Cooperative Commissioner Geoffrey Njang’ombe noted that with the high interest rates regime, it makes no economic sense for societies to venture into the businesses. “This used to be a fashion…

By Sammy Chivanga Savings and Credit Cooperative Societies (SACCOs) are deepening digital services to conveniently serve customers as branches and Automated Teller Machines (ATMs) popularity drops. Many Saccos are now launching their e-banking services to enable customers to transact at the palm of their hands. Competition from other financial service providers such as banks and…

By Sammy Chivanga Savings and Credit Cooperative Societies (Saccos) are now turning to a cocktail of reward schemes to recognise and retain big savers as well as encourage other members to increase savings despite the economic hardships. The cut-throat competition among Saccos and other financial service providers has given customers a large pool of options…

By Munene Maina Men dominate top management and leadership positions in Deposit-Taking Saccos new data shows. The Sacco Societies Regulatory Authority (Sasra) latest Sacco Supervision Annual Report, 2019 indicates men occupy 96.4 per cent of all chairmen seats in the institutions’ Board of Directors while women held 3.6 per cent of the positions. Men also…

COVID-19 is accelerating SACCOs’ digital transformation. Covid-19 caught many businesses by surprise. One of the most affected sectors by the lockdown and social distancing measures implemented by the government was the SACCO sector, since many of their operations and activities were conducted in person. The level of technology adopted varies from SACCO to SACCO, according…

DT-Saccos have continued to show great depth of resilience and stability. Last year, the financial institutions recorded a double-digit growth rate according to latest Regulator’s data. The Saccos’ total assets increased by 12.41 per cent to cross the half-trillion mark and reach Sh 556.71 billion, while the total deposits increased by 11.27 per cent to…

By Sammy Chivanga The number of dormant members in the Savings and Credit Cooperative Organisations (Saccos) has risen by 40.1 per cent to 676,052 on increased job cuts and delayed salaries from struggling entities. The dormant membership rose at the highest pace in the year 2018 from 482, 526 the previous year. This was in…

By Our Reporter The regulator has directed all non-deposit taking Saccos to maintain their external auditors for another year after Covid-19 scuttled annual general meetings (AGMs) where a change of auditors is usually ratified. The Acting Commissioner for Cooperatives Geoffrey Njang’ombe has in a circular to all cooperative societies said only those hard-pressed to change…

By Sammy Chivanga The regulator is now calling for the merger of various small Savings and Credit Cooperative Societies (Saccos) to bring stability and efficiency in the vibrant sector that holds over Sh380 billion in deposits. Sacco Societies Regulatory Authority (Sasra) says that large Saccos are deepening the control of deposits – a key source…

KSPC has no legal mandate to set guidelines in hiring of Sacco staff By Our Reporter The Savings and Credit Co-operative Society (SACCO) industry has yet to develop a framework that can be used when recruiting of senior management staff or even board members. While most of these Saccos have vetting committees, which nominates individuals…