Category: Co-op News
Sacco launches E-Banking App
By Malachi Motano Kikuyu based Ndetika Rural Sacco Ltd (NRS) has launched an E-Banking App, an additional product to an array of services it offers members and customers. The society says the new product will be handy in improving support and services to its customers which also improve efficiency to its clientele. The Sacco unveiled…
Teachers urged to apply for county tenders
By Asa Maina Nyeri Governor Mutahi Kahiga has challenged teachers to apply for county tenders so as to increase their revenue base. Speaking during the Newfortis Sacco (formerly Nyeri Teachers Sacco) Annual General Meeting (AGM), Kahiga asked teachers to start other income generating ventures instead of relying on their salaries alone. He also urged lending…
CEOs of Fraudulent Co-operatives will be charged
By Roy Hezron Cooperative society managers will soon be required to be fully registered and certified members of Kenya Society of Professional Co-operators (KSPC). Those targeted include Chief Executive Officers (CEOs) and others holding senior managerial positions in the cooperatives sector. “Those measures are meant to restore the image of the multi-billion sector which has…
Report: Cooperatives not tech savvy
By Roy Hezron A co-operative society baseline survey conducted last year found that many of them have no websites, email addresses and other digital tools. It was observed that many had no websites or email services, resulting in the low level of digitization in co-operative societies governed by the State Department of Cooperatives (SDC). Last…
Employ stiffer penalties on deductions non-remittance -Kuscco
By Malachi Motano Sacco leaders call for introduction of stiffer penalties against public entity heads who do not remit Sh3.8 billion deducted from workers’ salaries. According to Kenya Union of Savings and Credit Co-operatives (Kuscco) group Managing Director George Ototo, the stern measures will deter a trend where universities, county governments, water companies and fresh…
DT-Saccos grew by 12 per cent despite the Covid -19 menace
By Malachi Motano The deposit taking savings and credit cooperatives societies (DT-Saccos) remained on the growth track despite the harsh economic time in 2020 that resulted from the outbreak of Covid-19 pandemic. The Saccos managed to post an average of 12 per cent growth on their assets, loans and deposits. John Mwaka, the chief executive…
Saccos urged to diversify incomes in 2021
By Malachi Motano Savings and credit cooperatives societies (Sacco) will have to focus more on diversification to create wealth for their members in 2021. According to the Industry players, the sector is grappling with loan re-structuring to pick up business in the continued wake of Covid -19 pandemic, as members expect their hopeful returns popular…
Sacco rebrands to reflect the changing environment landscape
My Malachi Motano Kenya Police savings and credit cooperative (Sacco) society limited has re-branded to Kenya National Police Deposit Taking (DT) Sacco society limited to reflect the changing environment landscape.
Memba Sacco operations suspended over death of passenger
By Malachi Motano The National Transport and Safety Authority (NTSA) has suspended operations of Memba, a public service (PSV) Sacco after the death of a female passenger. NTSA stated that the Sacco officials were summoned and appeared before the Authority and were told that the vehicles belonging to the Sacco will be subjected to a…
CBK Governor Patrick Njoroge. Photo/File
CBK leverage Saccos loan default at 8-year high
By Sammy Chivanga Savings and Credit Cooperative Societies (Saccos) are facing the biggest stability test because of hardship caused by the Covid-19 pandemic. A new Central Bank of Kenya report that sheds light on the health of multiple sectors of economy shows that non-performing loans (NPLs) ratio for deposit-taking (DT) Saccos jumped to 9.12 percent…
