Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Boniface Mulu The management of the Kitui based Savings and Credit Cooperative Society Limited has paid a total of 1,480,508 shillings dividends to approximately 500 members online. Normally, the society pays dividends to the members during their annual general meeting (AGM) that is usually held in April yearly but the Sacco could not hold…
By Sammy Chivanga The coronavirus pandemic has reinforced the need for Savings and Credit Co-operative Organisations (Saccos) to diversify membership in order to reduce existential risk. Kenyan economy continues to run into headwinds of Covid-19 since the first case was reported in the country on March 13, triggering job losses and salary cuts whose impact…
By Benedict Ngetich Born and bred in a humble background in Seretet location, Kipsolu in Belgut constituency, Kenya Highlands Chairman, Mr. Richard Mutai has a story to tell. He started off as co-operative officer and rose through the ranks due to his unequaled resilience, patience and hard work to head the premier Sacco. A pillar…
By Felix Wanderi Kiambu County coffee co-operative societies have now come together under one association in a bid to resurrect the sector. The 22 societies came together to form Kiambu County Coffee Farmers Association so as to foyer the government support for coffee production, processing and marketing. Kiambu County Governor James Nyoro said the move…
By Our Reporter Co-operatives societies will have to wait until next year to hold Ushirika Day celebrations as the rising cases of Covid-19 forced organizers to call off the event. The event, part of the United Nations’ (UN) International Day of Co-operatives, was set for July 4, 2020, but the continued state ban on large…
Bungoma County Government is set to revive the dormant co-operative societies in the region. Stella Mutsotso, the Chief Officer in charge of Co-operatives urged farmers to join co-operative societies in order to empower themselves economically. “If our farmers join co-operative societies, they will get better returns of their agricultural produce based on their bargaining power….
By Staff Reporter Following the expiry of Mr. Chris Useki’s tenure as the managing director of Stima Sacco, the board has resorted to appointing Mr. Gamaliel Hassan as the acting Chief Executive Officer. Mr. Useki took over the helm of the Sacco in October 2016 as the acting chief executive officer after the resignation of…
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…
