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

Government plans to merge CMA, IRA and SASRA

Sacco ReviewApril 22, 202403 mins

The Government intends to merge three major financial regulatory bodies in the country to enhance service delivery, avoiding duplication of roles and reduce bureaucracy. According to reports, Prime Cabinet Secretary Musalia Mudavadi said recently that the three regulatory bodies are Saccos Societies Regulatory Authority (SASRA), Capital Markets Authority (CMA), and the Insurance Regulatory Authority (IRA)….

Government, FAO join forces to ensure foster food security, PS Raymond says

Sacco ReviewApril 22, 2024April 22, 202405 mins

The Kenya Government has entered into a partnership with Food and Agriculture Organization (FAO) in a move aimed at boosting food security in the country. The Principal Secretary (PS), State Department for Internal Security and National Administration, Dr Raymond Omollo said food and nutrition security is a subject that lies at the very heart of…

How Saccos can increase their membership size

Sacco ReviewApril 22, 2024April 22, 202404 mins

There are various Saccos in the country and best strategies are needed to make a Sacco increase its membership size. Below are some of the marketing strategies. 1). Have a good website Since the internet is everywhere, website is very vital new and prospective members have access easily. Good website will boost membership. 2). Offer…

Diamond Trust Bank unveils seven new branches

Sacco ReviewApril 22, 202402 mins

DTB Bank has opened new seven branches across the country. These include Gikomba, Eastleigh (BBS Mall), Karen Hardy, Ongata Rongai, Kapsabet, Kenol in Murang’a and Bondeni in Mombasa. The DTB Group Chief Executive Nasim Devji said the unveiling of these new branches is a testament to unwavering commitment of the lender to bring services closer…

Bamburi Cement posts net loss of KSh399 million, raises shareholder payouts

Sacco ReviewApril 22, 2024April 22, 202402 mins

Bamburi Cement Plc recorded a net loss of KSh399 million for the year ended December 31, 2023 compared to a net loss of KSh181 million it posted in 2022. However it raised its dividend payout to shareholders 7.3 times translating to KSh1.99 billion as a result of increased financial muscle. Bamburi CEO Mohit Kapoor said…

Co-op professional body releases this year’s training plan for sector players

Sacco ReviewApril 22, 2024April 22, 202407 mins

The Kenya Society of Professional Co-operators (KSPC) has officially released its training plan for this year targeting key players in the sector. The training, spread out throughout the year started February, will basically target Chief Executive Officers (CEOs) and their deputies (D/CEOs), Heads of Departments (HoDs), Boards and Supervisory Committees, and staff working in the…

Draft Cooperatives Bill needs to reflect proposals in Sessional Paper No 4 of 2020

Sacco ReviewApril 22, 2024April 22, 202408 mins

The enactment of the Cooperative Societies Act, No 39 of 1966 was the outcome of the Sessional Paper No. 10 of 1965 on “African Socialism and its Application to Planning in Kenya”, while the subsequent enactment of the Cooperative Societies Act, No 12 of 1997 (Amendment 2004) was anchored on the Sessional Paper No. 6…

Ukulima Sacco rebrands to Apstar Sacco to cast net wider and welcome MSMEs

Sacco ReviewApril 20, 202407 mins

Ukulima DT Sacco Society has rebranded to Apstar Sacco to redefine its business model, departing from its traditional catchment of the farming community to attract youthful membership in the Micro, Small and Medium Enterprises (MSMEs) segment. Part of the vision is to offer clear and transparent financial products and services, which will be accessible to…

Government to develop new app to link artisans with customers, CS Chelugui says

Sacco ReviewApril 20, 2024April 20, 202404 mins

Cooperatives and MSMEs Cabinet Secretary Simon Chelugui has said that Government will develop various apps to assist artisans market products within and outside the country. The CS said that through digital marketing, artisans will to attract potential buyers worldwide which will uplift their livelihoods. The CS spoke during the recent Kigumo basket weavers’ expo and…

Jamii DT Sacco posts impressive growth to pay high dividends in 2023

Sacco ReviewApril 20, 2024April 20, 202406 mins

Jamii Sacco has recorded growth in gross revenue by 4 per cent in the year ended December 2023, rising from Ksh 657.8 million to Ksh 682.5 million. Based on the good performance in this and a diversity of other parameters, the board paid out dividends on share capital and savings at the rates of 13…