Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By David Kipkorir The coronavirus pandemic has induced a shift in cooperatives’ needs that will disrupt the movement ecosystem. As the world grapples with the pandemic, Savings and Credit Co-operative Society (Saccos) businesses have to reposition themselves to align with the demands of the “new normal”. Prioritizing good governance, digitizing Saccos, and maintaining excellent and…
By George Otieno Imarika Sacco Chairperson Mr. Renson Ndoro has said the society expects to have a total asset base of 20 billion shillings come the year 2026. The chairperson said this in a recent Imarika Sacco’s members education meeting where they were taken through the Sacco’s journey, educated on its various products and services,…
By Kage Njoroge Kenyans have been advised to embrace a saving culture to enable them get adequate funds for sustainable investments. Speaking during the reopening of the refurbished Kirwara branch of Amica Sacco, Bishop James Wainaina of Murang’a Catholic Diocese said the best formula for ordinary people to tackle poverty is to save and invest…
By David Kipkorir Savings and Credit Co-operatives (Saccos) have been urged to turn their institutions into neobanks (online banks without traditional physical branch networks). Cynthia Wandia, the Chief Executive Officer (CEO) and Co-founder of Kwara Limited recently said that turning Saccos into neobanks will help them deal with industry challenges and build new customer bases….
By Bernard Boy Airports Sacco Society rode on Kenya’s relatively improved economic performance post-pandemic to remarkably register all-round growth in its key performance indicators in the year ended December 31, 2021. With its asset base, total deposits, share capital, net loan portfolio and total revenue growing by between 4.3 and 19.8 percent (not in that…
By Azael Masese Stima Deposit Taking (DT) Sacco exhibits all the attributes and performance indicators of a successful institution. Ranked the second wealthiest Society by the Sacco Societies Regulatory Authority (SASRA), their end year performances have remained mouth-watering. As of 31st December 2021, the Society’s asset base, turnover, loan book and balance sheet had grown by…
By Hezron Roy CPA Frederick Abuyabo is the Chief Executive Officer for Ufanisi Deposit Taking (DT) Sacco, which was registered in July 6, 1973 as a Savings and Credit Society for employees of Agricultural Finance Corporation (ADC) that has since opened its membership to the public. The Sacco Society was registered with Sacco Society Regulatory…
By Our Reporter Saccos are now scrambling into offering insurance cover for their members to earn commission as a key source of income to improve their much-needed balance sheet. While some societies have formed subsidiaries to execute the business, others have identified agencies to transact the business on their behalf. Medical cover for members…
By Sammy Chivanga The Sacco Societies Regulatory Authority (Sasra) is facing increased budgetary strain as the number of Saccos under its regulation more than doubles. Sasra requires more money to strengthen its oversight capabilities given that Saccos under its mandate have increased after it started regulating non-withdrawable deposit taking Saccos with deposits of at least…
By Azael Masese Savings and Credit Cooperative Societies (Saccos) across the country are set to witness drastic changes in their management following plans by Sacco Society Regulatory Authority (SASRA) to engage top industry players in formulation of regulations that affect Sacco operations. This is a shift from the past where societies were expected to enforce…
