Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Sammy Chivanga Savings and Credit Cooperative Societies (Saccos) are facing the biggest stability test because of hardship caused by the Covid-19 pandemic. A new Central Bank of Kenya report that sheds light on the health of multiple sectors of economy shows that non-performing loans (NPLs) ratio for deposit-taking (DT) Saccos jumped to 9.12 percent…
Staff Reporter Lengo Sacco Limited chairman Mr. George Ndaa Tune has retired, Sacco review has reliably established. Speaking to Sacco Review after attending the special delegates meeting in Malindi town recently, Tune said he retired in July, 2020 after attaining the retirement age of 60 years. Vice chairman, Mr. Jonathan Kahindi Charo will discharge his…
By Roy Hezron Current cooperative chief executives have to join the Kenya Society of Professional Co-operators (KSPC) to obtain professional certification. Speaking to Sacco Review, KSPC acting Chief Executive Symon Mburia urged cooperatives CEOs and managers to register with the organisation. “All serving co-operative officers and managers of co-operatives are eligible for membership as associate…
Imarika Sacco Limited in Kilifi County has restructured its staff to enhance efficiency in service delivery. The move follows the expansion of operation in the giant financial body, Sacco review has learnt. Speaking during their Annual General Meeting held at Travellers Beach Hotel in Mombasa county recently, Board of Directors Chairman, Mr. Renson Ndoro announced…
By Roy Hezron Smaller co-operatives have been encouraged to come together to enable them enjoy economies of scale. Commissioner for Co-operatives Geoffrey Njang’ombe told Sacco Review in a recent interview that Sacco mergers is nothing new, saying it is anchored in the law. “We encourage small entities to merge in order to expand their horizon…
By Roy Hezron The process of establishing the taskforce for the implementation of the National Co-operative Policy is at an advanced stage. According to Co-operative Commissioner Geoffrey Njang’ombe, letters asking the stakeholders to appoint representatives to the taskforce have been dispatched. “We have sent out letters to the main stakeholders to appoint representatives in…
By Roy Hezron Majority of members in deposit-taking Saccos in the country are between the ages of 36 and 50 years. They account for 28.8 per cent, or 1,380,784 members, according to a survey by Sacco Societies Regulatory Authority (SASRA). Of these, 833,512 are men, 514,752 are women while 32,520 are of undisclosed gender. The…
By Roy Hezron Matatu Saccos will soon be renamed transport cooperatives to reflect their nature of business. Cooperatives Commissioner Geoffrey Njang’ombe said a task force mandated with implementation of the new cooperatives policy will guide the transformation. Njang’ombe said the team, which is expected to be gazetted soon, will carry out wide consultation before implementing…
By Sammy Chivanga The number of newly registered cooperative societies dropped by nearly a third in the financial year last June on the back of Covid-19 disruptions that made it difficult for applicants to submit required paperwork. Sector report shared by the State Department of Cooperatives shows that new registrations dropped to 846 or 32…
