CEOs of Fraudulent Co-operatives will be charged

By Roy Hezron Cooperative society managers will soon be required to be fully registered and certified members of Kenya Society of Professional Co-operators (KSPC). Those targeted include Chief Executive Officers (CEOs) and others holding senior managerial positions in the cooperatives sector. “Those measures are meant to restore the image of the multi-billion sector which has…

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Employ stiffer penalties on deductions non-remittance -Kuscco

By Malachi Motano Sacco leaders call for introduction of stiffer penalties against public entity heads who do not remit Sh3.8 billion deducted from workers’ salaries. According to Kenya Union of Savings and Credit Co-operatives (Kuscco) group Managing Director George Ototo, the stern measures will deter a trend where universities, county governments, water companies and fresh…

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CBK Governor Patrick Njoroge. Photo/File

CBK leverage Saccos loan default at 8-year high

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…

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Geoffrey Njang'ombe, Commissioner for cooperatives award delegate from Muranga who recruited 42 members into Hazina Sacco. Photo/File

You will have to be certified to run a cooperative society

By Roy Hezron Current cooperative chief executives have to join the Kenya Society of Professional Co-operators (KSPC) to obtain professional certification. Speaking to Sacco Review, KSPC acting Chief Executive Symon Mburia urged cooperatives CEOs and managers to register with the organisation. “All serving co-operative officers and managers of co-operatives are eligible for membership as associate…

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Geoffrey Njang'ombe, Commissioner for cooperatives award delegate from Muranga who recruited 42 members into Hazina Sacco. Photo/File

Mergers will bring stability in co-ops, says Commissioner

By Roy Hezron Smaller co-operatives have been encouraged to come together to enable them enjoy economies of scale. Commissioner for Co-operatives Geoffrey Njang’ombe told Sacco Review in a recent interview that Sacco mergers is nothing new, saying it is anchored in the law.  “We encourage small entities to merge in order to expand their horizon…

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