Saccos offering best returns on investment revealed
Below is a glimpse on what co-operators earned for the financial year 2017 from various saving and credit societies based on financial reports seen by Sacco Review.
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Amica Sacco rolls out ICT money transfer platforms
By Kage Njoroge Amica Savings and Credit Society, one of the fastest growing Saccos, has urged its customers to embrace emerging technologies and transact their business on the Sacco’s ICT money transfer platforms for their convenience. Amica Sacco’s management calls on its clients to take up technology based alternative channels to access quick services, without…
Kingdom Sacco joins tier 3 category
By Munene Maina Kingdom Sacco has joined Tier 3 category of medium Saccos. The Sacco registered growth in asset base to Sh1.116 billion by close of 2017 to move up from Tier 4 category of small Saccos. It registered positive performance in the year despite various challenges arising from the political and economic environment in…
How Saccos can tame the rising cases of loan defaults
The recent revelation by the Senior Deputy Commissioner, State department for Co-operatives Geoffrey Njang’ombe that loan defaulters owe Saccos over Sh8 billion does not augur well for the sector. Ridiculously, these loans have not been serviced over several years yet the defaulters are still earning their monthly incomes apart from owning assets worth billions of…
Seal gaps in Sacco registration, operations, regulation in Kenya
By Renson Ireri Kenya prides in continuous growth of co-operative societies over the years with the Co-operative movement now rated position one in Africa and seventh in the world, comprising over 15,000 registered co-operative societies according to the International Co-operative Alliance (ICA). The movement also controls our economy in a big way, accounting for around…
Jamii Bora Bank inks homes deal with Capital Sacco
By John Majau Jamii Bora Bank and Capital Sacco have partnered in a bid to provide affordable housing for its members. The two financial institutions signed a Memorandum of Understanding in Meru town recently. During the initial stages the two institutions will target 10,000 members of the Sacco with the feasibility study focusing on the…
Governor pledges to revive dormant Saccos
By Godfrey Wamalwa Bungoma County Governor Wycliffe Wangamati has said his Government will provide necessary support to revive dormant Saccos and support their growth. He said the County Government will seek support of County Assembly members in legislating laws that will seal the loopholes in the co-operative sector used by unscrupulous people to run down…
Viktas Sacco worried over loan defaults
By Our Reporter Increasing loan defaulters have affected, Viktas Sacco operations, Chairman Stephen Gathiru has said. “We have taken collective efforts to curb loan defaulting. I would kindly request our members to seek financial advice from our officers when acquiring loans as this will help them make informed decisions,” he said. Gathiru noted there was…
Ubinifu Sacco realises landmark growth
By Erick Maranga Ubinifu Credit and Saving Co-operative Society whose majority of shareholders are youths has realized a landmark growth financially after two years since inception. This may serve as a game changer as majority of Kenyan youth perceive Saccos as a reserve for older people as majority of them shun any form of savings…
Women Sacco gets Sh10m boost
By Our Reporter Homa Bay County Women Sacco has received financial boost to strengthen its operations. The society received Sh10 million from Women Enterprise Fund (WEF) and two million shillings from the County Government. Homa Bay County Woman Representative Gladys Wanga said the Sacco was established to enable women be economically independent. “The funds will…
