Category: Co-op News
Trials and tribulations of Urithi Sacco
By James Wakahiu Real estate developer, Urithi Housing Cooperative Society has dispelled fears that the Multibillion Organization is financially impotent but admits that business has significantly degenerated as a result of the Covid-19 pandemic. Urithi Housing Cooperative Chairman Samuel Maina confirmed that the company is still on course to deliver pending projects to its members…
Bad debt leaves Kumisa Sacco in financial crisis
By Felix Wanderi Poor decision making and bad debts have plugged Kumisa Sacco into a financial mess. During a recent Sacco AGM held at Kirigiti stadium, it emerged that the institution started in 2013 is on the verge of collapsing owing to liquidity challenges. The Sacco Board of Directors Secretary John Gakure informed members that…
Saccos fraud investigation unit to start operation next month
By Our Reporter Co-operatives Principal Secretary Ali Noor Ismail has said the proposed Sacco Societies Fraud Investigation Unit (SSFIU) will start operations next month. The unit will have official from the Saccos Societies Regulatory Authority (SASRA), the Directorate of Criminal Investigations (DCI) and the Ethics and Anti-Corruption Commission (EACC). “Plans to operationalise the SSFIU are…
Dairy co-operatives to earn less from milk levy
The government has moved to protect farmers from low milk prices By Our Report Co-operative societies income is expected to dip as the Kenya Dairy Board (KDB) has capped the amount they can deduct from farmers at Sh2 per litre. Some co-operatives are currently charging up to Sh3 a litre as administrative cost to the…
75-year old KPCU put up for sale
By Jackson Okoth Heavily indebted Kenya Planters Co-operative Union (KPCU), which has been under receivership for years, is finally on its final dash to oblivion. A liquidation process, to run over the next six months, will eventually bring down the curtain of the oldest and largest coffee processor in Kenya. In a gazetted liquidation order,…
Kabugu: The face behind Unaitas steady growth
By Kage Njoroge and Azael Masese When the book of Unaitas history, the name of Joseph Ngaai Kabugu is read loud and clear. Kabugu, the founding member of Unaitas when it started in 1993 in Murang’a, has risen through the ranks to become the society’s third chair. “Members proposed that I join the board in…
Why Kenya’s co-operative movement is major player in country’s economy
Ali Noor Ismail The Co-operative movement in Kenya is rated first in Africa with over 22,000 registered co-operative societies commanding a membership of over 14 Million and employing more than 500,000 Kenyans directly and another 1.5 Million indirectly. Co-operatives in Kenya have mobilized members’ savings and deposits of over Sh 732 billion, with an asset base of…
State to undertake survey of Co-op sector
By Jackson Okoth State Department for Co-operatives is seeking for consultants to undertake a nationwide survey of the co-operative sector. It is believed that Kenya’s gigantic cooperative sector has over the years contributed immensely in mobilizing savings, creating employment opportunities and boosting in investments in virtually all segments of the economy. However, there is no…
Kenya co-op sector leads in Africa
By Joyce Wambui African credit unions had the largest increase in membership in 2018 with a 21 per cent jump from 2017 according to World Council of Credit Unions last year Statistical Report. Globally the membership stands at more than 274 million with a 9.38 per cent penetration. The report also showed that there were…
Co-operators warned against reckless guaranteeing of borrowers
By Achola Mathews Business people and members of Saccos have been cautioned against agreeing to guarantee loans for people they do not know well. According to the lending laws, a guarantor is responsible for any loan recovery in case the client does not honour the terms of payment agreed upon at the time of lending….
