Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Sammy Chivanga Savings and Credit Co-operative Societies (Saccos) are increasingly turning to marketing executives to recruit and retain new members as dormant members rise. This is a new trend in the Sacco movement that has traditionally been depending heavily on existing members to market their organizations. Members have been receiving back up from a…
By Staff Reporter Wananchi Sacco has come up with new strategies to curb any possible spread of the Coronavirus disease among its members and the community at large. The Sacco is investing in mobile banking to offer a wide range of services. Its M-Wananchi platform enables members to check balance inquiries, withdrawals, deposits, airtime purchase,…
By Tsozungu Kombe Kilifi county will spend Sh1.6 million this year to conduct capacity building seminars for newly registered Sacco top officials. Speaking to Sacco Review , Kilifi County Cooperatives Director, Mr. James Mwasi said the the county will revive five dormant Saccos in the area. He said the county government will conduct audit clinics for…
By Azael Masese Savings and Credit Cooperatives Societies (Saccos) must desist from investing members’ deposits or borrowing to put up rental or commercial buildings. Acting Cooperative Commissioner Geoffrey Njang’ombe noted that with the high interest rates regime, it makes no economic sense for societies to venture into the businesses. “This used to be a fashion…
By Sammy Chivanga Savings and Credit Cooperative Societies (SACCOs) are deepening digital services to conveniently serve customers as branches and Automated Teller Machines (ATMs) popularity drops. Many Saccos are now launching their e-banking services to enable customers to transact at the palm of their hands. Competition from other financial service providers such as banks and…
By Sammy Chivanga Savings and Credit Cooperative Societies (Saccos) are now turning to a cocktail of reward schemes to recognise and retain big savers as well as encourage other members to increase savings despite the economic hardships. The cut-throat competition among Saccos and other financial service providers has given customers a large pool of options…
By Munene Maina Men dominate top management and leadership positions in Deposit-Taking Saccos new data shows. The Sacco Societies Regulatory Authority (Sasra) latest Sacco Supervision Annual Report, 2019 indicates men occupy 96.4 per cent of all chairmen seats in the institutions’ Board of Directors while women held 3.6 per cent of the positions. Men also…
COVID-19 is accelerating SACCOs’ digital transformation. Covid-19 caught many businesses by surprise. One of the most affected sectors by the lockdown and social distancing measures implemented by the government was the SACCO sector, since many of their operations and activities were conducted in person. The level of technology adopted varies from SACCO to SACCO, according…
DT-Saccos have continued to show great depth of resilience and stability. Last year, the financial institutions recorded a double-digit growth rate according to latest Regulator’s data. The Saccos’ total assets increased by 12.41 per cent to cross the half-trillion mark and reach Sh 556.71 billion, while the total deposits increased by 11.27 per cent to…
By Sammy Chivanga The number of dormant members in the Savings and Credit Cooperative Organisations (Saccos) has risen by 40.1 per cent to 676,052 on increased job cuts and delayed salaries from struggling entities. The dormant membership rose at the highest pace in the year 2018 from 482, 526 the previous year. This was in…
