Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Kenya Union of Savings & Credit Co-operatives Ltd (KUSCCO) has presented their memoranda on tax matters affecting Saccos in Kenya where they have said that there will be implications under the current tax law provisions. Saccos with corporate members would lose the tax benefit of exemption. Interest income from members and 50% for the interest…
Cooperatives & Micro, Small and Medium Enterprises (MSMEs) Cabinet Secretary Simon Chelugui has urged banks to increase the amount of funds set aside for MSMEs from the current Ksh3 billion. Speaking during the closing ceremony of the one week pre-Madaraka day Cooperative and MSMEs expo held at the University of Embu, the CS said that…
Stakeholders in the coffee sub sector want the government to factor issues of climate change in reforms being initiated by Agriculture ministry to mitigate adverse effects on production. They said climate change was affecting the cash crop and a big challenge to growers which called for campaigns to sensitive farmers. Meru Central Coffee Union acting…
As the Country’s hard economy bites most of the Kenyans, Boda boda riders, farmers and traders from Western region have been asked to join Saccos and save for the future. Speaking to Journalists in Busia town, Godfrey Saidi, Chairman of Faridi Sacco stated that many boda boda riders are facing a lot of challenges of…
Cooperatives Commissioner David Obonyo has urged the sector to be guided by the values and principles of the cooperative movement in their operations, with a view to standing out from other business models. Addressing Sacco leaders during a Cooperative Alliance of Kenya (CAK) conference recently, Obonyo noted that the core mandate of CAK is to…
Kisii County Director of Cooperatives Pamella Mercy has asked cooperatives to amend their by-laws to embrace virtual services and comply with the Cooperative Societies Act. Speaking at Kisii Agricultural Training Institute during Gusii Youth Bunge Sacco ADM, the director pointed out that the advent of the Covid-19 pandemic forced some Sacco employees to work from…
By Ben Oroko The group lending model has increasingly become popular among Saccos and Micro-Finance Institutions (MFIs) in recent years. This is largely based on its ability to leverage on joint liability and increased loan repayments while promoting entrepreneurial spirit among borrowers. Group lending methodology is a unique financial service for low income entrepreneurs. To…
By Our Reporter As Public Participation on the contentious Finance Bill, 2023/24 enters homestreach, I am not certain whether the cooperative sector has submitted any Memoranda on behalf of the 15,000-strong membership. To the best of my knowledge, the cooperative sector hasn’t affiliated to KEPSA; yet that is where it rightfully belongs as part of…
The government has been urged to shelve the 2023 finance bill and introduce it later when the economy recovers. Meru Chamber of Commerce Chairman Joshua Kirimi Mungania said the bill will add extra burden to the already suffering Kenyans who are over taxed. He advised President Ruto to concentrate on the recovery of the economy…
Kewisco Sacco is in the process of building its own office block in Nairobi to reduce operational costs. Speaking during the 32nd Annual Delegates Meeting (ADM) held at the Nairobi National Park Club House, the chairperson Rebecca Kipchumba said the land had already been acquired and the Sacco was waiting for the processing of the…
