Sacco Review - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

Imarika Sacco in Kilifi enhances service delivery

Sacco ReviewJanuary 15, 2021January 15, 202101 mins

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…

Mergers will bring stability in co-ops, says Commissioner

Sacco ReviewJanuary 13, 2021January 13, 202106 mins

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…

Cooperative policy implementation task force to be in place soon

Sacco ReviewJanuary 11, 2021January 11, 202104 mins

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…

Most Sacco members are below 50, SASRA survey reveals

Sacco ReviewJanuary 8, 2021January 8, 202105 mins

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…

Matatu Saccos to be transformed to cooperatives

Sacco ReviewJanuary 6, 2021January 6, 202106 mins

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…

Co-op News

Covid-19 scuttles registration of new Cooperative societies

Sacco ReviewJanuary 5, 2021January 5, 202104 mins

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…

CBK: Saccos loan default hits 8-year high

Sacco ReviewDecember 31, 2020December 31, 202007 mins

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…

Joe Nyagah, man behind cooperative growth

Sacco ReviewDecember 14, 2020December 14, 202004 mins

By Roy Hezron Joseph ‘Joe’ Nyagah, a former minister and presidential candidate left behind a remarkable history of championing the co-operative movement before his demise on 11th December 2020 at Nairobi hospital. Nyagah, alumnae of Alliance High School and the University of Nairobi, was appointed the Minister for Co-operative Development during the Grand-Coalition Government formed…

Co-op Bank gives Metrotrans Sacco 45 new buses

Sacco ReviewNovember 6, 2020November 6, 202004 mins

Press Release On 4th November 2020, Metrotrans Sacco, one of the leading PSV transport Saccos operating in Nairobi received 45 new buses at Isuzu East Africa with financing from Co-op Bank in form of a lease worth Kes 225 Million. The lease will enable the Sacco to respond to increased demand in their existing routes,…

Curtain falls on Tower Sacco Vice-Chair

Sacco ReviewNovember 5, 2020November 5, 202002 mins

By Roy Hezron Tower Sacco Board’s Vice-Chair Mr. Benson Chege Ruhang’a has passed on. It is reported that Mr. Chege passed on while undergoing treatment at Nakuru War Memorial Hospital. Until his death on 1st November 2020, Chege doubled up as Vice-Chair and head teacher at Gituru Primary School in Naivasha. With 42 years of…