Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Roy Hezron The National Co-operative Policy Operationalization (NCPO) Tasks-force has officially become operational after its members were gazetted. The tasksforce which was constituted by the Cabinet Secretary Agriculture Livestock Fisheries and Co-operatives Peter Munya will have 15 members and is expected to submit its report to the CS within 90 days from the date…
By Malachi Motano Savings and credit cooperatives societies (Sacco) will have to focus more on diversification to create wealth for their members in 2021. According to the Industry players, the sector is grappling with loan re-structuring to pick up business in the continued wake of Covid -19 pandemic, as members expect their hopeful returns popular…
My Malachi Motano Kenya Police savings and credit cooperative (Sacco) society limited has re-branded to Kenya National Police Deposit Taking (DT) Sacco society limited to reflect the changing environment landscape.
By Malachi Motano Saccos in the country are owed nearly 4 billion shillings in non-remittance of deductions from members. According to the Kenya union of cooperatives (Kuscco) managing director George Ototo, the 3.8 billion is largely owed by government linked institutions Speaking during the sixth annual Sacco leader’s convention held in Mombasa, Ototo said universities,…
By Malachi Motano The Cabinet secretary (CS) for Agriculture Peter Munya says it is high time the coffee sector is streamlined to allow farmers benefit from their commodity. “We have experienced cases of farmers paying many interests on small loans they take but the government has reduced the burden and farmers will be dealt with…
By Roy Hezron Stima and Tower Saccos are among the first four Primary Mortgage Lenders (PMLs) to benefit from the Sh2.75 billion Kenya Mortgage Refinancing Company (KMRC) kitty. The disbursement done on 17th December 2020 saw Nyandarua based Tower Sacco which is a get Sh29 million while Stima Sacco got Sh69 Million. The two Saccos…
By Sammy Chivanga Non Deposit Taking (NDT) Saccos holding at least Sh100 million non-withdrawable deposits are facing a race against time to comply with the new regulations. The new rules released by the Sacco Societies Regulatory Authority (Sasra) seek to raise supervisory bar and secure members’ funds. Sasra has traditionally has given specified NDTs up…
By Malachi Motano Rogue Sacco officials put are now on notice as Senate passes Cooperatives Societies (Amendment) Bill, 2020 to bring sanity to the sector According to nominated Senator Agnes who sponsored the Bill, “Saccos have come under increasing public scrutiny of late, mostly on charges of loss of members. That creates a sense of…
By Malachi Motano The National Transport and Safety Authority (NTSA) has suspended operations of Memba, a public service (PSV) Sacco after the death of a female passenger. NTSA stated that the Sacco officials were summoned and appeared before the Authority and were told that the vehicles belonging to the Sacco will be subjected to a…
By Sammy Chivanga Savings and Credit Cooperative Societies (Saccos) are facing the biggest stability test because of hardship caused by the Covid-19 pandemic. A new Central Bank of Kenya report that sheds light on the health of multiple sectors of economy shows that non-performing loans (NPLs) ratio for deposit-taking (DT) Saccos jumped to 9.12 percent…
