Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Malachi Motano The Cabinet secretary (CS) for Agriculture Peter Munya says it is high time the coffee sector is streamlined to allow farmers benefit from their commodity. “We have experienced cases of farmers paying many interests on small loans they take but the government has reduced the burden and farmers will be dealt with…
By Roy Hezron Stima and Tower Saccos are among the first four Primary Mortgage Lenders (PMLs) to benefit from the Sh2.75 billion Kenya Mortgage Refinancing Company (KMRC) kitty. The disbursement done on 17th December 2020 saw Nyandarua based Tower Sacco which is a get Sh29 million while Stima Sacco got Sh69 Million. The two Saccos…
By Sammy Chivanga Non Deposit Taking (NDT) Saccos holding at least Sh100 million non-withdrawable deposits are facing a race against time to comply with the new regulations. The new rules released by the Sacco Societies Regulatory Authority (Sasra) seek to raise supervisory bar and secure members’ funds. Sasra has traditionally has given specified NDTs up…
By Malachi Motano Rogue Sacco officials put are now on notice as Senate passes Cooperatives Societies (Amendment) Bill, 2020 to bring sanity to the sector According to nominated Senator Agnes who sponsored the Bill, “Saccos have come under increasing public scrutiny of late, mostly on charges of loss of members. That creates a sense of…
By Malachi Motano The National Transport and Safety Authority (NTSA) has suspended operations of Memba, a public service (PSV) Sacco after the death of a female passenger. NTSA stated that the Sacco officials were summoned and appeared before the Authority and were told that the vehicles belonging to the Sacco will be subjected to a…
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…
Staff Reporter Lengo Sacco Limited chairman Mr. George Ndaa Tune has retired, Sacco review has reliably established. Speaking to Sacco Review after attending the special delegates meeting in Malindi town recently, Tune said he retired in July, 2020 after attaining the retirement age of 60 years. Vice chairman, Mr. Jonathan Kahindi Charo will discharge his…
By Roy Hezron Current cooperative chief executives have to join the Kenya Society of Professional Co-operators (KSPC) to obtain professional certification. Speaking to Sacco Review, KSPC acting Chief Executive Symon Mburia urged cooperatives CEOs and managers to register with the organisation. “All serving co-operative officers and managers of co-operatives are eligible for membership as associate…
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…
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…
