Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Staff Reporter Savings and Credit Co-operative societies (Saccos) will face pressure to offer attractive interest rates on loans in the wake of prices of commercial loans falling to levels last seen in 2005. The Central Bank of Kenya (CBK) has been pushing banks to lower interest rates despite the removal of interest rate cap…
At A Glance… -Law will ensure the cases of mismanagement and bad governance in Saccos will be a thing of the past. – It will spare members losing billions of their hard-earned savings. –Legislation will regulator Sasra more say in determining who may serve as an official in a Sacco. –This offers hope to the…
At Glance –Thousands of sacco members are receiving support in the wake of difficult economic situations triggered by Covid-19. – Many Sacco members who have lost jobs, sent on compulsory non-paid leave or given pay cuts. – Mwalimu National has increased the amount its members can withdraw via the mobile application from Sh70,000 to Sh150,000…
By James Wakahiu Real estate developer, Urithi Housing Cooperative Society has dispelled fears that the Multibillion Organization is financially impotent but admits that business has significantly degenerated as a result of the Covid-19 pandemic. Urithi Housing Cooperative Chairman Samuel Maina confirmed that the company is still on course to deliver pending projects to its members…
By Jackson Okoth At the helm of Kimbilio Daima Sacco Society Limited as Chief Executive for more than 18 years, Rose Chepngetich remains an inspiration to many women aspiring to occupy executive positions and make a difference in the corporate world. Rose represents a class of women joining the boardroom and executive positions of many…
By Tsozungu Kombe Women Saccos in Lamu County have received a boost of Sh 11 million to enhance their activities. The money was raised during a fundraiser held recently. The county has also registered four youth Saccos according to the area Cooperative Auditor Nickson Baya. Speaking to Sacco Review in his office, Baya urged youth…
By Asa Maina Mwenji Catholic Parish in the Archdiocese of Nyeri is in the process of starting a foundation to help pay fees for needy learners in the society. Parish priest Benson Kiboi said the kitty will cater for the fees of learners struggling to pay both in secondary schools and higher learning institutions in…
By Felix Wanderi Poor decision making and bad debts have plugged Kumisa Sacco into a financial mess. During a recent Sacco AGM held at Kirigiti stadium, it emerged that the institution started in 2013 is on the verge of collapsing owing to liquidity challenges. The Sacco Board of Directors Secretary John Gakure informed members that…
By Our Reporter Co-operatives Principal Secretary Ali Noor Ismail has said the proposed Sacco Societies Fraud Investigation Unit (SSFIU) will start operations next month. The unit will have official from the Saccos Societies Regulatory Authority (SASRA), the Directorate of Criminal Investigations (DCI) and the Ethics and Anti-Corruption Commission (EACC). “Plans to operationalise the SSFIU are…
By Our Reporter The National Treasury Cabinet Secretary Ukur Yatani has directed all government parastatals to remit billions of shillings in statutory deductions within the next four months. Unremitted Sacco deductions stand at Sh 2.261 billion according to the treasury data. He warned state corporations chief executives who will not comply with the directive. Many…
