Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The Invest and Grow (IG) Sacco, based in Kakamega County on Wednesday February 28, 2024 reported a 2.5 per cent jump in 2023 net profit. The net profit of KSh1.91 billion for last year compares with a profit of KSh1.86 million a year earlier. The Sacco intends to enroll more members to channel their income…
Kenya National Chamber of Commerce and Industry (KNCCI) Kericho branch will assist youths in the county to venture into small scale businesses through access to funds and financial training. The chairman of the branch Pastor Robinson Bett said the youths in the county urgently need financial help which should be provided after financial trainings and…
Insider lending is a process where a Savings and Credit Co-operative Society (Sacco) or a financial services institution advances loans to its officers or directors. However, in some developed countries, such as the United States, it is a requirement that such loans are charged at the same interest rate, repayment terms and credit evaluation criteria…
The non-withdrawable depositing taking (NWDT) Savings and Credit Co-operatives (Saccos) shall now be required to pay annual regulatory fee to the country’s Sacco Regulator, the Sacco Society Regulatory Authority (SASRA) as they fully come under its purview. According to the November Legal Notice by Sasra the rate of the annual Sacco Societies Levy will be…
The Sacco Societies Regulatory Authority (SASRA) has increased the number of audit firms approved for auditing Saccos under its supervision to 365 to accommodate the additional cooperatives. The latest figure for the 2024 auditing of Saccos means an additional 92 audit firms have now been cleared to check the books of Saccos, up from 273…
Ollin Sacco’s Chief Executive Officer (CEO) John Gathige has urged Kenyans to save in a Sacco in order to get better loans and avoid loan sharks who normally take advantage of their dire situation. Speaking during the Sacco’s 47th Annual General Meeting (AGM) which was held in Kutus Comprehensive Primary School grounds, Gathige stated that…
The Appeal Court has given orders barring an High Court ruling delivered in September last year which nullified the Banking (Credit Reference Bureau-CRB) Regulations 2020 pending the hearing and determination of the appeal case filed by the Central Bank of Kenya (CBK). The implication is that Saccos are now free to share members’ details with…
Payments to the Management and Supervision Fund will now be done through the e-citizen platform, the Ministry of Co-operatives and Macro, Small and Medium-sized Enterprises Development (MSME) has announced. In a Circular dated January 17, 2024 by the State Department for Co-operatives, Commissioner for Co-operative Development David Obonyo has directed all Co-operative Societies and Auditors…
The Co-operative Bill, 2023 has now been put on hold after county governors claimed that they were not consulted during the drafting. Sponsored by the government through the Ministry of Co-operatives and Micro, Small and Medium-sized Enterprises (MSMEs) Development, the Bill was in Parliament to allow for its first reading before proceeding to other stages…
Savings and Credit Co-operatives Societies (Saccos) have been called upon by the Government to embrace innovation and devise strategies that will propel cooperatives towards continued excellence. Speaking during the Kenya National Police DT SACCO 51st Annual Delegates Meeting held in Serena hotel in Nairobi this February, Simon Chelugui Cabinet Secretary for Cooperatives, Micro, Small and…
