Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Sammy Chivanga The number of dormant members in the Savings and Credit Cooperative Organisations (Saccos) has risen by 40.1 per cent to 676,052 on increased job cuts and delayed salaries from struggling entities. The dormant membership rose at the highest pace in the year 2018 from 482, 526 the previous year. This was in…
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…
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…
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…
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…
