Author Archives: admin

Sacco members dwindle as multinationals lay off staff

By Benedicto Ng’etich Kericho County Director of Cooperatives Leonard Otii has advised Saccos affiliated to giant multinationals to device other means of survival in the face of dwindling membership. Otii expressed fear over the survival of the societies after the parent companies started early retirements of employees due to what has been seen as the nega­tive effects of massive mechani­zation ...

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Coffee societies seek waiver as farmers feel the pinch

By Kamundia Muriithi Twenty-four co-operative societies in Embu County are struggling to pay a Sh90 million loan borrowed five years ago to set up a coffee mill that has since stalled. The debt has ballooned to Sh127 million as most societies are unable to service the loan. Each society was to pay Sh3.8 million, while the loan was secured by ...

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Co-operative sector receives Sh 4.6bn

By Jackson Okoth The State Department for Co-op­eratives has received increased fund­ing in the financial year 2019/2020, to enable it finalize review of the Na­tional Cooperative Policy, Coopera­tive Societies Act and provide support for the coffee and dairy industry. The Department is expected to build capacity of County Govern­ments to ensure it handles the Co-op­eratives docket, which has since been ...

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BARINGO: Boresha Sacco trains members on products, entrepreneurship

By Enock Kipturgut Boresha Sacco members have a reason to smile fol- lowing the management’s educational cum interactive meetings aimed at keeping them a breast with the Sacco’s new products and ser- vices and the emerging trends in the Cooperative movement. The members lauded the Sacco for organizing the meetings saying they served as an eye opener. They said they ...

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Vision Africa Sacco launches ATM services

By Wesley Ken Vision Africa Sacco Ltd has launched ATM services to ensure efficient and effective de- livery of quality products and services to members. It unveiled the services in a colourful ceremony that was graced by Co-operative Bank’s Head of Sacco banking Peter Kirugu among other top officials of the bank in Nakuru County. The Sacco Chairman Joseph Mugere ...

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Coop Commissioner: Target youth market or perish

Gichuki also asked Saccos to incorporate youth and women in their leadership structures as a way of boosting membership from these two groups. Speaking during an Exclusive interview with the Sacco Review, Gichuki further called on County governments to maximize their support to cooperatives in their respective counties. “We know most Saccos have rebranded but by the law, they remain ...

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Others fear holding up funds in investments

UN Sacco, one of the most liquid in the industry, has also decided to play safe. “Our investment wing is still a baby. So what we concentrate on is buy land on behalf of the members. We then seek out those interested for them to contribute and acquire the plots. We do not commit Sacco funds but put out an ...

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41,000 people join Saccos in Kajiado County

By Isaac Lenkou The Kajiado County Government has disclosed that over 41,000 people have joined Co-operatives in the last three years. The Societies transaction total business worth Sh 470 million. “I commend efforts undertaken by Co-operatives to improve the livelihood of people in Kajiado County,” said Paul Ntiati, Deputy Governor, Kajiado County during the 94th Ushirika Day celebrations. According to ...

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Kakamega: IG Sacco beats worthy competition to take crown

IG (Invest & Grow) Sacco formerly Kakamega Teachers Sacco is the 2016 best overall Sacco in Kakamega in the International Day for Cooperatives after scooping seven awards out of the possible sixteen. Western Shuttle settled for the first runners up position with four trophies to their name. On the lowest expenditure Sacco category, IG (Invest & Grow) Sacco took the ...

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Boresha Sacco targets Sh500 million in shares drive

By Jackson Okoth Boresha Sacco Society Limited with its headquarters in Eldama Ravine has begun selling shares to its members. The Society aims to raise a minimum of Sh500 million but has set a maximum target of Sh1 billion, depending on the response of its members. The exercise is aimed at raising share capital, develop more long term lending products, ...

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