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County sets aside Sh100m to revive potato factories

By Beatrice Jepkosgei Nyandarua County Government has set aside Sh100 million to revive a potato factory. Speaking during the 96th International Co-operatives Day at Catholic grounds, Governor Francis Kimemia said that they are going to revive the potatoes factory to create jobs for the youth and increase the rate of food production in the county. Kimemia told the co-operative societies ...

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Sacco movement mobilizes Sh6.9bn

By Kage Njoroge Co-operatives societies have emerged as strategic economic growth drivers which have created sustainable revenue generating opportunities in Murang’a County. County Executive Committee Member for Cooperatives Development, Edward Muiruri Maina explained that the sector is central in the economic and social lifeline in this county. Muiruri states majority of the residents earn their financial livelihoods from co-operative societies ...

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Gambling crippling co-operators

By Munene Maina High rate of gambling is affecting members’ savings trend in many saving and credit co-operatives countrywide. CIC Insurance Group Chief Executive Officer, Tom Gitogo said the ongoing inquiry into gambling licences is analysing whether the ban on gaming on credit needs to be stricter to combat over indebtedness as a result of gaming and lotteries. Recently the ...

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Govt targets Saccos in money laundering

By Munene Maina The Government has moved with speed to avert money laundering within savings and credit societies. At a time when several banks were implicated in the infamous National Youth Service scandal for violating the law leading to loss of billions of public money, the Government wants to seal all loopholes that may allow corrupt individuals to launder their ...

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Shadowy cartels eye Kamulu Co-operative Society land

By Eugene Kioko Members of a housing co-operative society have expressed fears for their lives after a gang of armed people believed to be hired by land cartels invaded their property. The 4,000 members of Kamulu Housing and Co-operative Society who have settled on 2,300 acres of land bought by the society said their lives were in danger as their ...

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Nyala Sacco bets big on technology

By Munene Maina Nyala Vision Sacco has upgraded its system software. “This new version will enhance speed and quality of service delivery and accommodate variety of innovative devices,” said the Sacco Chairman, Samuel Ngure. The new system will enable Sacco members to easily access their accounts through the WEB portal and print their statements online. According to Ngure it is ...

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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 Kenya. The society loan portfolio ...

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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 a sharp increase in the ...

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Loan defaulters killing financial institutions

By James Wakahiu Financial institutions all over the world are crippled by people who secure loan but fail to repay them, Thika West Sub-County Deputy Director of Co-op Development Catherine Mbuki  has said. Speaking to members of Urithi Premier Sacco in Thika, Mbuki said defaulters had led to the collapse of many Saccos in the country. “This is a very ...

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Dimkes Sacco tightens noose on loan cheats

By Munene Maina Dimkes Sacco has tightened the noose on defaulters in a bid to enhance debt collection and loan book management. In an aggressive loan recovery strategy, the Sacco collected in excess of Sh100 million in the financial ended 31st December 2017. “Loan default has been a challenge but our resolve is to keep enhancing our debt collection. We ...

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