Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Kisii County Trade, Tourism, and Marketing Executive Committee Member (ECM) Cyrus Nyabicha has urged the societies to develop strong strategic plans that will guide their operations and keep them afloat in the competitive business environment. Nyabicha spoke at Kisii Agricultural Training Center (KATC) during the commissioning of the Gusii Youth Bunge Savings and Credit Cooperative…
The national government will now merge the Uwezo Fund, Youth Fund, and Women Enterprise Fund into a single entity that is the Biashara Fund. This will help in streamlining access to financing for small businesses and eliminate loopholes that have led to misuse, Cabinet Secretary for Co-operatives and MSMEs Wycliffe Oparanya has said. Oparanya, who…
The agricultural sector faces a significant setback following a substantial budget cut in the latest national allocation. Treasury Cabinet Secretary John Mbadi announced a reduction of Ksh7 billion for agriculture, bringing the total allocation to Ksh47.6 billion down from Ksh54.6 billion in the previous fiscal year. This move has sparked considerable concern, with warnings that…
Kisumu Deputy Governor Dr. Mathew Owili has said the county government has reaffirmed its commitment to empowering Micro, Small and Medium Enterprises (MSMEs) through a range of targeted interventions. Owili said the move is aimed at enhancing competitiveness, unlocking growth opportunities, and positioning local businesses for regional and global markets. MSMEs, he said, play a…
As Kenya strides into a transformative phase of its economic landscape, the Cooperative Bill 2024 has emerged as a pivotal piece of legislation poised to reshape the country’s cooperative sector. The law before the Senate comes amid a backdrop of economic challenges and calls for reform. This bill promises to modernize governance, enhance accountability, and…
The Sacco Societies Regulatory Authority (SASRA) has expressed concerns that while credit scoring has immense value, SACCOs have been slow to adopt credit referencing fully, creating gaps in credit decision-making. The regulator also points to challenges in implementing effective credit-scoring systems, which have hampered responsible lending and long-term financial stability. According to the latest SACCO…
Following an increase in hacking in the country, attributed to massive tech job layoffs, which have in recent years plagued many enterprises, organizations have been urged to convert the negative energy of hackers into positive energy by creating opportunities for them. As a result of increased cyberattacks and ransomware, many institutions have been grappling with…
A recent revelation that a dead auditor certified the financial statements and accounts of the now financially crippled Kenya Union of Savings and Credit Cooperative Society (KUSCCO) is raising questions on whether or not members of any Society should trust the opinion and audited accounts presented by these esteemed professionals. It also raises the lid…
Manager of Market Conduct Supervision at the Sacco Societies Regulatory Authority (SASRA), Anne Kago has said the financial and Sacco sector is constantly evolving, and staying ahead of regulatory trends is key to growth and compliance. Addressing a gathering of Sacco leaders and financial experts, she broke down the latest regulatory shifts shaping the industry,…
Management committees running various coffee cooperative societies in Ukambani region have been cautioned against mismanagement and embezzlement of farmers’ money from the coffee proceeds. Cooperative CS Wycliffe Oparaya said on Thursday that the rampant reports of numerous cooperative societies in the constituency sinking into huge debts from financial institutions were worrying. The CS who addressed…
