Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Jackson Okoth A growing number of Savings and Credit Co-operative Societies (Saccos) are facing a dilemma. Most are at a loss over how to retain an ageing membership that is fast withdrawing from the society, upon retirement from formal employment. Majority Saccos have no specific financial products or services for their retired members, owing…
By Staff Reporter African Confederation of Savings and Credit Cooperatives Chief Executive Officer George Ombado has been named a member of the World Council of Credit Unions newly established Committee. The Covid-19 Response Committee will be dedicated to identifying best practices and strategies that credit unions around the globe can utilize to respond to the Covid-19 pandemic….
By Sammy Chivanga The State Department of Co-operatives is rooting for a Covid-19 response team to mobilise up to Sh1 billion kitty to support members of co-operative movement and their families as coronavirus continues to cause layoffs and salary cuts. A concept note from the state department shows the unit wants to put up non-clinical…
By Staff Reporter Due to its nonpareil promotion for the growth of cooperative societies, Kenya has earned a global accolade for particularly welcoming close to one million members in a spun of one year. In a virtual annual general meeting, World Council of Credit Unions (Woccu) delegates voted Kenya as an exceptional member that saw…
CIC Group, a leading cooperatives insurer in Africa, has settled a Sh. 32 million fire insurance claim in favour of Amica Sacco. The claim arose from a fire incident in which a building owned by the Muranga-based Sacco was reduced to ashes in October 2019. Following the claims settlement, the building that also housed Mathai…
By Staff Reporter Co-op Bank is set to pump more resources to the staggering Jamii Bora Bank as soon as it completes purchasing a controlling 90% stake in the small lender at a cost of Sh. 1 billion. While responding to questions raised by the bank’s significant stakeholders Shorecup II, Conerstone, private equity firm catalyst…
By Our Reporter The acting Commissioner for Co-operative Development Geoffrey Njang’ombe is facing a full-in tray for the sector, with little time to settle given the disruption caused to the economy by coronavirus pandemic. Mr Njang’ombe took over from Didacus Ityeng who served briefly in acting capacity following the exit of Mary Mungai in April…
By Sammy Chivanga Cooperative Societies have been given a special window to start spending part of their unapproved budgets in the wake of the Covid-19 pandemic that has made it impossible to hold annual general meetings. The acting commissioner for Cooperatives Geoffrey Njang’ombe has written to all cooperative societies allowing them to spend up to…
By Sammy Chivanga The coronavirus pandemic has reinforced the need for Savings and Credit Co-operative Organisations (Saccos) to diversify membership in order to reduce existential risk. Kenyan economy continues to run into headwinds of Covid-19 since the first case was reported in the country on March 13, triggering job losses and salary cuts whose impact…
By Our Reporter Co-operatives societies will have to wait until next year to hold Ushirika Day celebrations as the rising cases of Covid-19 forced organizers to call off the event. The event, part of the United Nations’ (UN) International Day of Co-operatives, was set for July 4, 2020, but the continued state ban on large…
