Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
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…
By Sammy Chivanga The number of newly registered cooperative societies dropped nearly by a third in the 2019-2020 financial- year. A government report says Covid-19 disruptions made it difficult for applicants to submit required paperwork. A sector report shared by the State Department of Cooperatives (SDC) shows that new registrations dropped to 846 or 32%…
By Kamundia Muriithi Three dairy cooperative societies in Kirinyaga County are set to expand their milk processing and value addition capacities after qualifying for a Sh27.5 million grant from the county government. The grant is part of the Sh58.5 million that the Kirinyaga County Government has set aside to support dairy farmers this financial year….
By Malachi Motano Savings and Credit Co-operative Societies (Saccos) will save close to Sh2.33 billion they pay as interest income on loans from commercial banks, thanks to the establishment of Central Liquidity Fund (CLF). The fund will save Saccos from getting lines of credit from commercial banks at high interest rates that cannot be supported…
By Kamundia Muriithi Owning a home is a dream that many Kenyans harbour, but few actualise it due to the associated high costs of constructing houses. In recent times, housing cooperatives have sprung up in different parts of the country to empower ambitious Kenyans acquire decent, modern houses through homeownership plans. Coupled with the government’s…
By John Majau Cabinet Secretary Margaret Kobia has asked women and youths to apply for loans from the government empowerment funds kitty. Speaking at Kinoru Methodist of Kenya (MCK) Church where she issued Sh9.15million to women groups from the Women Development Enterprise Fund kitty, Kobia said the money will empower and transform the lives of residents….
By Tsozungu Kombe The Covid-19 pandemic has derailed efforts of registering new Saccos in Kwale County. Speaking to Sacco Review in Kwale town recently, the acting Kwale County Cooperatives Commissioner Mohammed Mkanga said not many Saccos were registered during the pandemic. Mkanga also lamented that many Saccos in the region performed poorly in 2020 following…
