Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Azael Masese Savings and Credit Cooperative Societies (Saccos) are increasingly following in the footsteps of commercial banks by using personal security such as title deeds and log books instead of guarantors when issuing loans. An analysis by Sacco Review indicates that the number of Saccos giving members the option is on the rise and…
By Paul Ngugi Ruo Education, training and information, the fifth Cooperative principle, was established and adopted by the International Cooperative Alliance and later embraced locally through the enactment of the Cooperative Act. The goal and objective of this principle is to ensure that cooperative members understand their responsibilities and rights. The principle is to also…
By Robert Nyagah Stakeholders from transport Saccos in Embu County have petitioned financial institutions, especially banks, to review their lending structures to make them friendlier to borrowers and guarantors. Former Manyatta MP Mr. Emillio Kathuri, a founder member of Neno Sacco and the chairman of the Sacco’s Welfare Committee, noted that many loan beneficiaries and…
By Obegi Malack obegimalack@gmail.com Magadi Road Zone Online Drivers Sacco members have been challenged to join workers union for protection of their rights, improvement of their wages and good working conditions. Transport Workers Union Kenya (TAWU)had held a meeting with the Sacco members in Siron Place Ongata Rongai and educated them on importance of joining…
By Victor Ochieng’ In the book Managers as Mentors, Chip R. Bell uses the acronym SAGE to summarise mentorship. ‘S’ stands for surrendering. This entails the leveling of learning and the kindling kinship as the mentor establishes rapport with mentee. ‘A’ connotes acceptance. This is the creation of a safe haven for risk-taking. The process…
By Obegi Malack obegimalack@gmail.com Kenyans will now access Hustlers Fund after launch by President William Ruto on Wednesday at Green Park in Nairobi City. Hustler Fund borrowers will use *254# to access the fund, they will access the fund from leading network telcos Safaricom, Airtel and Telekom. To be eligible for the fund one must…
By Robert Nyagah Members of various university-based Saccos are cash strapped and unable to borrow from their Saccos as their employer failed to remit their deductions that have accumulated to a whopping Ksh4.2 billion. The managements of several of the Saccos have been struggling to give their members loans, given that they have no cash…
By Peter Otuoro Cooperatives Cabinet Secretary (CS) Simon Chelugui has said that over Ksh2 billion has not been remitted by various state and private organizations to Saccos on behalf of their employees. Chelugui said the government will put strict measures to ensure all deductions on members’ salaries are remitted without delay, be they from public or…
The first Loan Product under the Fund (Personal Loan) will be rolled-out by the end of November 2022. The draft regulations of the Fund has pointed out that Saccos can also apply for loans from the Fund as financial intermediaries for on-lending to a business person or micro, small and medium enterprises. By Hezron Roy …
By Kage Njoroge Cooperative societies have been touted as the key pillars of economic development as they have the ability to mobilize citizens to pool financial resources to achieve set objectives. Alex Irungu, the retired long serving CEO of Mentor Sacco, argued that Saccos are crucial drivers of social and economic progress with multiple benefits…
