Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Kilifi County boasts of having many societies thanks to Morris Mangi, who is credited to the proliferation of cooperatives in the region having planted the seed over three decades ago. Mangi initiated the formation of Kilifi Multipurpose Cooperative Society, now called Magarini Sand and Harvesting Cooperative Society, in 1990. He also formed Malindi Biashara Cooperative…
Aggressive marketing has seen Chai Sacco’s active membership grow by 27.9 per cent from 25,945 in 2021 to 33,184 in 2022, a consequence of a campaign that reduced dormancy from 9,131 to 707. Revealing this during the Sacco’s 50th Annual Delegates Meeting (ADM) at Safari Park Hotel, Chairman Boniface Ayub said this was a result…
National Transport Safety Authority (NTSA) has cancelled over 2.5 million fake licenses belonging to bodaboda riders. An official from the authority stated that most of the licenses were duplicates of others done online in cahoots with cyber cafes and after realizing the syndicate, they cleaned their online system and removed them. Speaking during a national…
Police on Friday lobbed teargas to disperse members of Matuu Wendano Company who held demonstrations calling for the transfer of Matungulu Deputy County Commissioner Evelyn Wekesa. The demos led by Chairperson James Mwangangi Mwovi led to a slow-down on Tala-Ol-donyo Sabuk causing traffic congestion. While addressing journalists, they claimed that the DCC through the police…
The government has pledged to support the formation of Sacco Central, a platform which will see Savings and Credit Cooperatives (Saccos) borrow from each other to save them the trouble of going for expensive loans from other financial institutions. The platform will mainly assist Saccos to share data and do inter-Sacco lending the way inter-bank…
A 2020 Survey conducted by the State Department for Co-operative Development revealed that there are 5,723 dormant cooperatives, which are at risk of losing its assets to unscrupulous officials. Kenya Society of Professional Co-operators (KSPC) is now calling on government to develop policy guidelines that will help to safeguard assets of cooperatives that may fall…
The Mediators Savings and Credit Society, presently controlling a share capital of more than Ksh8.3 million, has launched a major marketing campaign to expand membership and remain profitable. According to a report by the chairperson of the Embu – based Sacco Catherine Nyambura, the ravages of the Covid-19 pandemic had a huge impact on members’…
North Kinangop Sub-county Cooperative Officer Anastacia Kimani has urged cooperative societies to ensure that they present detailed and credible financial reports during annual general meetings (AGM) to uphold transparency in the sector. Kimani said many cooperatives have not been fully complying with International Financial Reporting Standards and Sacco Societies Act No.14 of 2008. “Many cooperative…
The county government of Machakos has issued cheques worth Ksh138 million to farmers from various cooperative societies and community based organizations. Speaking while issuing out the cheques at Machakos People’s Park, Governor Wavinya Ndeti noted that the funds are meant to enable farmers procure material and farm inputs. The governor promised to issue out more…
Mwalimu National Sacco in partnership with Kenya Mortgage Refinancing Company (KMRC) has unveiled low mortgage loan facilities to give affordable housing to members. The Sacco, which is Africa’s largest Sacco by assets, unveiled the affordable housing loan products at Mwalimu National Towers in Upper hill in a colourful event graced by Simon Chelugui, Cabinet Secretary…
