Sacco Review - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

Kisumu to kick-start KSh5 billion affordable housing project

Sacco ReviewMay 30, 2024May 30, 202406 mins

The Anderson Affordable Housing Project in Kisumu County is now set to kick off in earnest after LAPTRUST and the County Pension Fund (CPF) in collaboration with the county government broke ground. The landmark event will see the construction of over 1,200 decent and affordable housing units. It is designed in line with both the…

Jubilee insurance to make record KSh1 billion dividend payout

Sacco ReviewMay 30, 202405 mins

Jubilee Holdings will pay a total dividend payout of KSh1.04 billion for the full year ended December 2023 despite a decrease in profits compared to 2022. The insurance company recorded a KSh4.4 billion profit last year compared to KSh5.5 billion posted in 2022. In the full year to December 2022, the insurer issued a dividend…

Absa Bank records strong first quarter profit growth

Sacco ReviewMay 30, 202404 mins

Absa Bank Kenya has reported a profit after tax growth of 33.5 per cent up to KSh5.9 billion from KSh4.4 billion posted at a similar period last year. The bank’s diversification strategy, supported by new businesses such as bancassurance, asset management, Timiza, and stock brokerage, seems to be paying off after total revenue rose 19…

Woccu accepting applications for 2024 scholarship for women, young professionals

Sacco ReviewMay 30, 2024May 30, 202404 mins

Interested credit union women and young professionals have been urged to apply for the second annual fellowship of the World Council of Credit Unions (WOCCU). WOCCU, a union which works to advance financial inclusion through the credit union and cooperative model by engaging in international advocacy, development, education and networking that empowers underserved populations, and…

Family Bank posts KSh910.5 million profit in first quarter

Sacco ReviewMay 29, 2024May 29, 202404 mins

Family Bank has recorded a 25 per cent growth in net profit to KSh910.5 million. This is a growth from the KSh685.3 million in the first quarter of 2023. It has also reported a profit before tax increase growth of KSh1.3 billion, a growth of 24.3 per cent as compared to the same period last…

Car & General set to build KSh800 million mall in Shanzu

Sacco ReviewMay 29, 202405 mins

Car and General, a Nairobi Securities Exchange-listed firm is deepening its foray into the property business with a KSh800 million mall project in Shanzu, Mombasa County. The firm intends to build the mall on four acres, with the construction set to begin next year to be completed by 2026. “We are looking to commence a…

State promises to pay KSh7 billion arrears to cane farmers, staff

Sacco ReviewMay 29, 2024May 29, 202405 mins

The government is keen on paying cane farmers and staff of sugar companies who are owed money in terms of unpaid arrears. Agriculture and Food Authority (AFA) Director Samuel Ong’ow said the government has initiated payment of about KSh6.94 billion which is owed to farmers and staff of the sugar companies. Speaking in Muhoroni Ong’ow…

Meru traders laud President Ruto, CS Linturi for dismissing muguka ban

Sacco ReviewMay 29, 202405 mins

Meru miraa traders and residents have lauded President William Ruto and Agriculture Cabinet Secretary Mithika Linturi for dismissing and terming muguka ban in Mombasa, Kilifi and Taita Taveta counties as “null and void”. John Ratanya, a miraa trader in Makandara, Meru town, criticised the initial bans, highlighting their detrimental impact on the local economy. “It…

Boost for coffee farmers as Kenya signs MoU with US on collaboration

Sacco ReviewMay 29, 2024May 29, 202406 mins

The Kenyan government and the United States have signed Memorandum of Understanding (MoU) on cooperation and collaboration on the coffee value chain and other identified areas of mutual interest. The MoU between the Ministry of Co-operatives and MSMEs Development (Kenya) and National Co-operative Business Association NCBA-CLUSA (US) were signed during the US Kenya Business Forum…

Leaders of coffee farmer cooperatives in Machakos cautioned against corruption

Sacco ReviewMay 29, 2024May 29, 202404 mins

Management committees running the various coffee cooperative societies in Machakos County, have been cautioned against mismanagement and plunder of farmers’ cash from the coffee proceeds. Machakos Deputy Governor Francis Mwangangi said on Friday, May 24, that the rampant reports of numerous cooperative societies in the county sinking into huge debts from financial institutions were worrying….