Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Malachi Motano Co-operatives industry players have the government to create a standalone ministry for the cooperatives sector was the case in previous years. Among them is the chairman of the Agriculture, Livestock, Fisheries and Cooperatives Senate Committee Njeru Ndwiga, who is a former Minister for Cooperatives. They say the sector requires a standalone ministry…
By Tsozungu Kombe The department of cooperatives in Mombasa County will develop a recovery strategy to help Saccos recover from effects of the Covid-19 pandemic. Saccos in the region are currently experiencing challenges, leading to their failure to generate enough revenue for business recovery. Speaking to Sacco Review in Mombasa town recently, The County Cooperative…
By Malachi Motano The Government is set to borrow at least Ksh.1.5 trillion in the new financial year which will commence in According to final budget estimates tabled in Parliament last week, the new borrowing plan matches up to estimated loan financing in the current financial year running to June 30- Ksh.1.456 trillion. It had…
By Malachi Motano The government has ruled out revival of one time vibrant Moi University Savings and Credit Society (Musco). According to the Co-operatives Development Principal Secretary Noor Ismail, all signs were that the once vibrant Sacco whose license was revoked and placed under liquidation by the government in 2018 will not be revived. The PS was…
By Malachi Motano Members of Sirisia Sub County have been urged to invest their money in Co-operative Sacco’s to boost their lives economically. According to Kikai Rural Sacco Director Mr. Justus Wafula said people are facing tough economic constraints especially during this Covid-19 period due to lack of investment. “So many people have been visiting…
By Malachi Motano Kitui County Textile Centre (KICOTEC) will supply uniforms to all matatu crews operating along the Kitui – Nairobi route. The Passenger Service Vehicles (PSVs) Sacco for Matatus operating on the route struck the deal with County governor Charity Ngilu for the textile company to dress up its members and the operators. The…
By Malachi Motano Kimisitu Sacco’s 2021 virtual Annual General Meeting (AGM) conducted in Nairobi attracted participation from 28 countries around the globe. A member calling all the way from Abidjan in Cote d’Ivoire in West Africa commended the Sacco for its technological advancement. “I am getting you very well from this end,” Tony from…
By Malachi Motano The Sacco Societies Regulatory Authority (SASRA) Board has appointed Peter Njuguna as the acting Chief Executive Officer following the exit of John Mwaka after the expiry of his term. Njuguna will be in charge of the institution until a substantive chief is recruited with the board promising to offer him the necessary…
By Malachi Motano Most Saccos rewarded members with favourable dividends in the 2019-2020 financial year despite the challenges posed by the Covd-19 pandemic. The Giant Mwalimu National Sacco (MNS) paid only interests on deposits to members at the rate of 9.3%, compared to 2019 when it paid the same at 10.2 and 11.2% dividends. Also…
By Kamundia Muriithi Eighteen board members serving on tea factory boards in Embu County have threatened to boycott the forthcoming elections for directors of three tea factories. They have vowed to boycott the elections, because of alleged government interference in the exercise. The officials dismissed the elections planned to be held on April 10 as…
