Category: Co-op News
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…
Geoffrey Njang'ombe, Commissioner for cooperatives award delegate from Muranga who recruited 42 members into Hazina Sacco. Photo/File
You will have to be certified to run a cooperative society
By Roy Hezron Current cooperative chief executives have to join the Kenya Society of Professional Co-operators (KSPC) to obtain professional certification. Speaking to Sacco Review, KSPC acting Chief Executive Symon Mburia urged cooperatives CEOs and managers to register with the organisation. “All serving co-operative officers and managers of co-operatives are eligible for membership as associate…
Geoffrey Njang'ombe, Commissioner for cooperatives award delegate from Muranga who recruited 42 members into Hazina Sacco. Photo/File
Mergers will bring stability in co-ops, says Commissioner
By Roy Hezron Smaller co-operatives have been encouraged to come together to enable them enjoy economies of scale. Commissioner for Co-operatives Geoffrey Njang’ombe told Sacco Review in a recent interview that Sacco mergers is nothing new, saying it is anchored in the law. “We encourage small entities to merge in order to expand their horizon…
Geoffrey Njang'ombe, Commissioner for cooperatives award delegate from Muranga who recruited 42 members into Hazina Sacco.
Cooperative policy implementation task force to be in place soon
By Roy Hezron The process of establishing the taskforce for the implementation of the National Co-operative Policy is at an advanced stage. According to Co-operative Commissioner Geoffrey Njang’ombe, letters asking the stakeholders to appoint representatives to the taskforce have been dispatched. “We have sent out letters to the main stakeholders to appoint representatives in…
SASRA CEO John Mwaka (left) exchanges pleasantries with Kieni MP Kanini Kega. Photo/File
Most Sacco members are below 50, SASRA survey reveals
By Roy Hezron Majority of members in deposit-taking Saccos in the country are between the ages of 36 and 50 years. They account for 28.8 per cent, or 1,380,784 members, according to a survey by Sacco Societies Regulatory Authority (SASRA). Of these, 833,512 are men, 514,752 are women while 32,520 are of undisclosed gender. The…
Covid-19 scuttles registration of new Cooperative societies
By Sammy Chivanga The number of newly registered cooperative societies dropped by nearly a third in the financial year last June on the back of Covid-19 disruptions that made it difficult for applicants to submit required paperwork. Sector report shared by the State Department of Cooperatives shows that new registrations dropped to 846 or 32…
CBK Governor Patrick Njoroge. Photo/File
CBK: Saccos loan default hits 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…
