Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The recent revelation by the Senior Deputy Commissioner, State department for Co-operatives Geoffrey Njang’ombe that loan defaulters owe Saccos over Sh8 billion does not augur well for the sector. Ridiculously, these loans have not been serviced over several years yet the defaulters are still earning their monthly incomes apart from owning assets worth billions of…
By Renson Ireri Kenya prides in continuous growth of co-operative societies over the years with the Co-operative movement now rated position one in Africa and seventh in the world, comprising over 15,000 registered co-operative societies according to the International Co-operative Alliance (ICA). The movement also controls our economy in a big way, accounting for around…
By John Majau Jamii Bora Bank and Capital Sacco have partnered in a bid to provide affordable housing for its members. The two financial institutions signed a Memorandum of Understanding in Meru town recently. During the initial stages the two institutions will target 10,000 members of the Sacco with the feasibility study focusing on the…
By Godfrey Wamalwa Bungoma County Governor Wycliffe Wangamati has said his Government will provide necessary support to revive dormant Saccos and support their growth. He said the County Government will seek support of County Assembly members in legislating laws that will seal the loopholes in the co-operative sector used by unscrupulous people to run down…
By Our Reporter Increasing loan defaulters have affected, Viktas Sacco operations, Chairman Stephen Gathiru has said. “We have taken collective efforts to curb loan defaulting. I would kindly request our members to seek financial advice from our officers when acquiring loans as this will help them make informed decisions,” he said. Gathiru noted there was…
By Erick Maranga Ubinifu Credit and Saving Co-operative Society whose majority of shareholders are youths has realized a landmark growth financially after two years since inception. This may serve as a game changer as majority of Kenyan youth perceive Saccos as a reserve for older people as majority of them shun any form of savings…
By Our Reporter Homa Bay County Women Sacco has received financial boost to strengthen its operations. The society received Sh10 million from Women Enterprise Fund (WEF) and two million shillings from the County Government. Homa Bay County Woman Representative Gladys Wanga said the Sacco was established to enable women be economically independent. “The funds will…
By Kamundia Muriithi Residents of Embu County fear losing their money to a savings and credit cooperative organization they had invested in. The society allegedly promised them that they could get loans of up to 10 times their savings and at eight percent interest rate per annum once they joined it. The Sacco started operations…
By John Majau The Meru County Government in partnership with the Co-operative Bank has introduced a new payment model for coffee farmers which is meant to speed up the payment of cherry once it is delivered to the factory. The new format dubbed the “coffee-cash model” will reduce the lengthy waiting periods farmers undergo before…
By Munene Maina Co-operative societies countrywide braved tough economic period to post good returns to members during the financial year 2017. Going by financial reports presented to members and delegates during Annual Meetings, most societies defied odds and pundits extrapolations of negative outcomes, to register impressive performance for the year. Prolonged drought, long electioneering period,…
