Co-op News - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

Kajiado companies reject bill allocating 1 per cent of their profits to CSR initiatives

Sacco ReviewApril 23, 2024April 23, 202405 mins

A section of investors operating in Kajiado County have raised concern over the County Corporate Social Responsibility Bill, 2024 which is now in public participation stage. The bill wants companies to allocate 1 per cent of their profit to CSR in every financial year. It also details that every company shall reserve to residents of…

Public Investments Committee seeks answers on SASRA audit queries

Sacco ReviewApril 23, 2024April 23, 202402 mins

The National Assembly Public Investments Committee on Commercial Affairs and Energy met last week to examine the audited accounts of the Sacco Societies Regulatory Authority (SASRA) for Financial Years 2013/2014 to 2020/2021. The Committee led by Member of Parliament for Navakholo Constituency and Majority Party Whip at the Kenya National Assembly Emmanuel Wangwe cross-examined SASRA…

Over 13 million Kenyans affected as Opera stops free data offers on regulatory changes

Sacco ReviewApril 22, 202404 mins

Opera has stopped its free data plan which allowed Kenyans to enjoy free data bundles to access the Opera, which runs the Opera Mini Browser, as a result of local authorities’ decision, including the Betting Control and Licensing Board, to halt advertising on Speed Dials (bookmarks on the start page) within browsers. According to Google,…

Government plans to merge CMA, IRA and SASRA

Sacco ReviewApril 22, 202403 mins

The Government intends to merge three major financial regulatory bodies in the country to enhance service delivery, avoiding duplication of roles and reduce bureaucracy. According to reports, Prime Cabinet Secretary Musalia Mudavadi said recently that the three regulatory bodies are Saccos Societies Regulatory Authority (SASRA), Capital Markets Authority (CMA), and the Insurance Regulatory Authority (IRA)….

How Saccos can increase their membership size

Sacco ReviewApril 22, 2024April 22, 202404 mins

There are various Saccos in the country and best strategies are needed to make a Sacco increase its membership size. Below are some of the marketing strategies. 1). Have a good website Since the internet is everywhere, website is very vital new and prospective members have access easily. Good website will boost membership. 2). Offer…

Diamond Trust Bank unveils seven new branches

Sacco ReviewApril 22, 202402 mins

DTB Bank has opened new seven branches across the country. These include Gikomba, Eastleigh (BBS Mall), Karen Hardy, Ongata Rongai, Kapsabet, Kenol in Murang’a and Bondeni in Mombasa. The DTB Group Chief Executive Nasim Devji said the unveiling of these new branches is a testament to unwavering commitment of the lender to bring services closer…

Bamburi Cement posts net loss of KSh399 million, raises shareholder payouts

Sacco ReviewApril 22, 2024April 22, 202402 mins

Bamburi Cement Plc recorded a net loss of KSh399 million for the year ended December 31, 2023 compared to a net loss of KSh181 million it posted in 2022. However it raised its dividend payout to shareholders 7.3 times translating to KSh1.99 billion as a result of increased financial muscle. Bamburi CEO Mohit Kapoor said…

Co-op professional body releases this year’s training plan for sector players

Sacco ReviewApril 22, 2024April 22, 202407 mins

The Kenya Society of Professional Co-operators (KSPC) has officially released its training plan for this year targeting key players in the sector. The training, spread out throughout the year started February, will basically target Chief Executive Officers (CEOs) and their deputies (D/CEOs), Heads of Departments (HoDs), Boards and Supervisory Committees, and staff working in the…

Draft Cooperatives Bill needs to reflect proposals in Sessional Paper No 4 of 2020

Sacco ReviewApril 22, 2024April 22, 202408 mins

The enactment of the Cooperative Societies Act, No 39 of 1966 was the outcome of the Sessional Paper No. 10 of 1965 on “African Socialism and its Application to Planning in Kenya”, while the subsequent enactment of the Cooperative Societies Act, No 12 of 1997 (Amendment 2004) was anchored on the Sessional Paper No. 6…

Ukulima Sacco rebrands to Apstar Sacco to cast net wider and welcome MSMEs

Sacco ReviewApril 20, 202407 mins

Ukulima DT Sacco Society has rebranded to Apstar Sacco to redefine its business model, departing from its traditional catchment of the farming community to attract youthful membership in the Micro, Small and Medium Enterprises (MSMEs) segment. Part of the vision is to offer clear and transparent financial products and services, which will be accessible to…