Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The SASRA Sacco Supervision Report has revealed that the total amount of financial investments of regulated Saccos decreased from Ksh50.30 billion in 2021 to Ksh49.95 billion in 2022. The drop in the proportion of financial investments to total assets was as a result of a significant drop in the financial investments of the deposit taking…
The Sacco Supervision Annual Report 2022 has revealed that Sacco membership grew by 7.02 per cent to hit 6.42 million. For the year ending 2022, membership in deposit taking Saccos stood at a staggering 5.96 million, representing an increase of 7.34 per cent. For non withdrawable deposit taking Saccos, membership increased by 3.14 per cent…
The recently released data by SASRA has revealed that most Saccos adopted the use of ICT in offering financial services to their members. The data revealed that the technological channels used include Sacco agencies, ATMs or mobile money transfer. According to SASRA, the new norm is replacing the clamour for brick and-mortar physical branches which…
Mrs. Agnes Kadzo Unda, a member of Imarika Sacco, can attest to the benefits of being a member of a Sacco. Unda joined the Sacco in 1982 after completing her P1 Teacher Training Course at Kagumo Teachers Training College. Speaking to Sacco Review in her residence in Ganda village in Malindi Sub County recently, Unda…
Kilifi County Deputy Governor Flora Mbetsa Chibule has stressed the need to support cooperatives as key enablers of Kenya’s improved social and economic growth. Cooperatives, she said, cut across all the sectors of the economy, namely agriculture, mining, housing, transport, and manufacturing. In addition, they are known worldwide as instruments of poverty eradication and wealth…
Cooperative Commissioner David Obonyo has called for a paradigm shift on how Saccos conduct their businesses, warning that relying on the check off system is no longer tenable. Most Saccos, Obonyo stated, were employee-based that depend on a check off at the end of the month to give loans, turning their back on millions in…
Kenya Union of Savings and Credit Cooperatives (KUSCCO) Advocacy Manager Mercy Njeru has urged the government to allow only the official regulator to audit Saccos in the country for improved efficiency, transparency and confidence among cooperative societies. Njeru said currently there are many state agencies competing to audit Saccos, raising suspicion among Saccos to the…
A recently released Financial Sector Deepening (FSD) survey, which has the backing of the Central Bank of Kenya (CBK), has revealed that Small and Medium Enterprises (SMEs) are the worst-hit by debt crisis. The survey revealed that one in every six small scale business borrowers has defaulted on a loan in the past eleven months….
Unity Homes and Absa Bank Kenya have entered into an agreement to allow potential home buyers acquire houses in Tatu City through the affordable housing financing scheme. The collaboration will see the bank provide Kenya Mortgage Refinancing Company (KMRC)-backed mortgages with terms of up to 25 years. The price of modern apartments starts at Ksh5,950,000….
Traders in Kilifi county have been advised to apply for Wezesha Fund ( formerly Mbegu Fund ) from the county government to boost their businesses. Speaking during a public function held in Malanga village in Malindi sub county, Sokoke Ward Member of County Assembly ( MCA ) Thaura Mweni said the loans do not have…
