Category: Co-op News
Saccos asset base rises to Ksh807 billion in 2021, says new SASRA report
By Azael Masese A new Sacco Supervision Report, 2021 indicates that the Sacco sub-sector’s total assets grew by 9.93 per cent in 2021 to reach Ksh807.11 billion from Ksh734.22 billion recorded in 2020. During the period under review, total deposits grew by 9.80 per cent in 2021 to reach Ksh564.89 billion compared to Ksh514.46 billion…
Saccos urged to unite to build a strong movement
By George Otieno State Department for Cooperatives Development PS Ali Noor Ismail has called upon Sacco leaders to unite in addressing challenges facing them. While addressing Sacco Board of Directors, CEOs and their deputies and other stakeholders at Pride Inn in Mombasa, the PS said the sector was stronger and only functional if players came…
Saccos growth threatened by low savings due to rising inflation
By Azael Masese Kenya’s saving rate might decline due to skyrocketing inflation, raising fears on the country’s ability to raise the necessary capital for investment. The cooperative sector and Savings and Credit Cooperative Societies (Saccos) in particular stand to be the biggest losers. As Kenya marked the 100th Ushirika Day on 2nd July 2022, it was praised…
Coffee auction goes live at Gusii Co-Op Union
By Ben Oroko Trading of coffee produce at the Nairobi Coffee Exchange (NCE) has been devolved to the grassroots coffee farmers, thanks to the recommendations of the Special Coffee Task-force appointed by President Uhuru Kenyatta to turn around the country’s coffee sector. As part of the task-force’s recommendations to have NCE modernized, small-holder coffee farmers whose primary co-operative societies…
Sweeping reforms in cooperative sector as NACOs now replaced with Federations
By Roy Hezron As Kenya joins the world in celebrating the International Co-operative Day, locally known as Ushirika Day, the National Co-operative Policy has restructured the co-operative movement in the country as part of sweeping reforms in the sector. Apart from the policy recognizing co-operatives as private business organizations, it has also proposed a new…
Tembo Sacco traces back financial resilience in golden jubilee celebrations
By Azael Masese Tembo Sacco celebrated its 50th anniversary, a period in which it braved a tough journey to cruise to a solid balance sheet and stable liquidity ratios. While marking the golden jubilee on June 17, 2022 at the EABL grounds, members recounted the tumultuous journey it took to be able to get a return…
Two Kenyan Sacco women awarded scholarships by GWLN
By David Kipkorir Muki Sacco CEO Violet Ndungu and her Unisa Sacco Society Ltd counterpart Polly Gathoni Waweru are among four women across the world who were awarded the 2022 Global Women’s Leadership Network (GWLN) scholarship. The other two 2022 GWLN Scholarship recipients are Dorothy Mambulasa from Malawi Union of Savings and Credit Co-operatives Ltd….
Farmers’ cooperative reaches business deal for quarrying to resume
By Agnes Orang’o Members of Muka Mukuu Farmers’ Cooperative Society in Matungulu can now heave a sigh of relief after the disputes surrounding quarrying activities on their land were resolved. Speaking after a special general meeting, the chairman Dominic Nthwao said that quarrying will take place at their 750-acre land near Athi River. He noted…
Unison Sacco introduces novel retirement plan
By Asa Maina Unison Sacco has introduced the Golden Plan, a retirement saving plan that will see members save a minimum of Shs 200 monthly, withdrawable upon retirement. The Sacco’s chairman James Muhandi revealed that upon retirement, the depositor will determine whether to receive the money as a lump sum amount or in monthly installments….
Embrace saving culture, Kenyans urged
By Kage Njoroge Kenyans have been advised to embrace a saving culture to enable them get adequate funds for sustainable investments. Speaking during the reopening of the refurbished Kirwara branch of Amica Sacco, Bishop James Wainaina of Murang’a Catholic Diocese said the best formula for ordinary people to tackle poverty is to save and invest…
