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 Co-operative Societies (Saccos) withdrawable deposits rose by Sh57.55 billion amid an environment of Covid-19 economic hardships, pointing to increased confidence of members in the stability of the sub-sector. Latest data from the Sacco Societies Regulatory Authority (SASRA) shows that withdrawable deposits—an equivalent of transactional deposits in the banking sector…
By Sammy Chivanga Savings and Credit Cooperative Organizations (Saccos) have cut returns on members’ savings and share capital for the third year running. Sacco Societies Regulatory Authority (Sasra) report on Saccos shows that deposit-taking (DT) Saccos last year paid an average of 6.01 % on the deposits, a drop from 6.72 % in 2019. The…
By Sammy Chivanga Savings and Credit Co-operative Societies (SACCOs) are being challenged to review their IT systems and also take insurance covers on the back of cyber-attacks that have in the recent spate of attacks cost them Sh106 million. The money was lost in the 17 months to March 2021, meaning that Saccos were losing…
By Michael Oduor Over 6,000 Boda-boda riders in Taita Taveta County have been urged to register their association with available Deposit Taking (DT) Saccos in a bid to increase their chances of development through the various loan services provided to members by these co-operative societies. Speaking to Sacco Review, on phone, Taita Taveta Boda-boda Riders…
By Wasike Elvis Kesses Member of Parliament Dr. Swarup Mishra has called on boda boda operators to join Saccos for them to be empowered financially. Speaking after meeting boda boda operators from Chepkigen, Mogobich, Lengut, Mogochoret and Chemenei villages, Dr Mishra said the move will help them save and get loans which they can use…
By Our Reporter The Co-operative Bank of Kenya remains the sole supplier of Automated Teller Machines (ATM), Cheques and Agency Banking Services to the 175 Deposit Taking (DT) Saccos in Kenya. The bank, through its Sacco-Link ATM brand designed for Saccos remains the highest provider of ATMs services for DT-Saccos with 112 DT-Saccos hooked and…
By Tsozungu Kombe Imarika Foundation, an Organization of Imarika Sacco Limited in Kilifi County, has awarded scholarships to students in Technical and Vocational Training Colleges in a Pilot program meant to enable them pursue technical education training in the country. The scholarship will cater for students’ fees for a year. Speaking during the official launch…
By PASCAL Mwandambo Ever sinceNectar began the process of acquiring a loan from a local women micro finance organisation, I have been hanging around her to ensure that not only the process is concluded successively but also that she does not make mistakes that could cost both of us dearly especially at this time when…
By Fred Sitati The treatment of member’s shares in Saccos has remained both contentious and emotive because of limited understanding of how members’ shares should be treated upon cessation of membership. That not only confuses ordinary members but also some of their leaders including those engaged in Sacco education and training. It will be recalled…
By Hilda Atika Hawkers in Kakamega town have a reason to smile after acquiring a certificate of operation as a registered Sacco with the Ministry of Co-operatives. Shieywe Ward Member of County Assembly Hon. Job Mwamto who spearheaded the registration handed over the certificate to the hawkers in the name of Kakamega Mali Mali Hawkers…
