From left-Ollin Sacco CEO John Gathige, Symon Mburia, Deputy Commissioner for Co-operative Development and Kirinyaga County Cooperatives Executive member Dr.Margaret Kibuchi during SACCO's AGM early this year. Ollin Sacco is one of the Kwara clients.

Kwara boosts Saccos mitigation of Covid-19

COVID-19 is accelerating SACCOs’ digital transformation. Covid-19 caught many businesses by surprise. One of the most affected sectors by the lockdown and social distancing measures implemented by the government was the SACCO sector, since many of their operations and activities were conducted in person. The level of technology adopted varies from SACCO to SACCO, according…

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SASRA CEO John Mwaka. Photo/File

Gains in Sacco subsector must be protected

DT-Saccos have continued to show great depth of resilience and stability. Last year, the financial institutions recorded a double-digit growth rate according to latest Regulator’s data. The Saccos’ total assets increased by 12.41 per cent to cross the half-trillion mark and reach Sh 556.71 billion, while the total deposits increased by 11.27 per cent to…

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SACCO

Cooperatives directed to retain auditors in absence of AGMs

By Our Reporter The regulator has directed all non-deposit taking Saccos to maintain their external auditors for another year after Covid-19 scuttled annual general meetings (AGMs) where a change of auditors is usually ratified. The Acting Commissioner for Cooperatives Geoffrey Njang’ombe has in a circular to all cooperative societies said only those hard-pressed to change…

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MUSCO Towers owned by Moi University Sacco in Eldoret town. Photo/File

Sasra roots for merger of small Saccos

By Sammy Chivanga The regulator is now calling for the merger of various small Savings and Credit Cooperative Societies (Saccos) to bring stability and efficiency in the vibrant sector that holds over Sh380 billion in deposits. Sacco Societies Regulatory Authority (Sasra) says that large Saccos are deepening the control of deposits – a key source…

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Agnes Munyi, Head of Operations Bandari Sacco.

Lack of professional standards hurting co-op sector

KSPC has no legal mandate to set guidelines in hiring of Sacco staff By Our Reporter The Savings and Credit Co-operative Society (SACCO) industry has yet to develop a framework that can be used when recruiting of senior management staff or even board members. While most of these Saccos have vetting committees, which nominates individuals…

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Mafanikio Sacco CEO Eunice Kaboi during the past event.

Saccos in rush for pensioners’ cash

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…

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George Ombado, CEO African Confederation of Cooperative Savings and Credit Association (ACCOSCA).

Covid-19: WOCCU appoints new committee to identify, share best practices with co-ops

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….

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Mr Geoffrey Njang'ombe, Senior Deputy Commissioner, State Department for Cooperatives during the past event.

Sh.1 billion Corona kitty mooted to cushon Sacco members

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…

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