Category: Co-op News
Co-operative Bank Group MD Gideon Muriuki. Photo/Courtesy
Co-op bank named best bank in Kenya at EMEA finance awards
Press Release 19th October 2020 The Co-operative Bank has been named Best Bank in Kenya at this year’s African Banking Awards 2020 organised by EMEA Finance. This is the third time around, having won again in 2018 and 2019. The EMEA Finance Awards recognise financial institutions which, through their client focus and sound leadership, continue…
SASRA CEO John Mwaka (left) exchanges pleasantries with Kieni MP Kanini Kega. Photo/File
Universities, colleges yet to remit Sh2.86b to Saccos, says Sasra
By Roy Hezron Public universities and other tertiary institutions have been accused of failing to remit members’ deductions to Saccos. The Sacco Societies Regulatory Authority (Sasra), in its annual report, says that the highest proportion of total non-remitted deductions are owed by public universities and colleges. With five deposit-taking Sacco societies whose membership are directly…
Boda Boda riders attending the launch of Imarika Sacco in Mtwapa. Photo/File
Saccos scramble for boda bodas, women groups
By Sammy Chivanga Savings and Credit Cooperative Societies (Saccos) are increasingly turning their focus on motorcycle riders and women groups for new membership and uptake of products. Motorcycle riders, popularly known as boda bodas, are in particular seen as the fastest growing income group and many Saccos are coming up with targeted products for them….
A woman at her farm in Nyalani Kwale County. Photo/Courtesy
Co-op chases away brokers in Kwale
By Collins Akong’o Farmers in Kwale County no longer worry of market or unscrupulous middlemen thanks to Kwale Pamba and Viazi Cooperative Society (PAVI). PAVI, which was formed in 2014, has enabled local farmers to participate in agricultural livelihood programmes initiated by Base Titanium Company. According to John Cooke, the programme manager, its membership has…
Martin Kororia, a teacher and great beneficiary of onion and livestock farming.
How teacher used Sacco loan to venture into lucrative onion farming
By Martin Ruto Martin Kororia is not only a passionate teacher, but he also loves farming. He is currently doing well in onion farming, which he is now considering expanding. He attributes his success to Trans National Times Sacco. It all started with a loan he got from the Sacco that he used to buy…
SASRA CEO John Mwaka (left) exchanges pleasantries with Kieni MP Kanini Kega. Photo/File
Youths take back seat in key Sacco positions
Only 10.5 per cent of the DT-Saccos’172 CEOs are below 35 years latest Sasra data shows By Sammy Chivanga Young people are conspicuously missing from essential Savings and Credit Cooperative Societies (SACCOs) positions despite making up nearly a third of the membership, raising questions about the succession structures in the vibrant sub-sector. An analysis by…
Mr Geoffrey Njang'ombe, Commissioner for Cooperatives. Photo/Courtesy
Saccos warned on risky borrowing to acquire assets
By Azael Masese Savings and Credit Cooperatives Societies (Saccos) must desist from investing members’ deposits or borrowing to put up rental or commercial buildings. Acting Cooperative Commissioner Geoffrey Njang’ombe noted that with the high interest rates regime, it makes no economic sense for societies to venture into the businesses. “This used to be a fashion…
Kenya Highlands Sacco CEO Mrs Alice Kosgei.
As ATM use wanes, Saccos deepen digital services
By Sammy Chivanga Savings and Credit Cooperative Societies (SACCOs) are deepening digital services to conveniently serve customers as branches and Automated Teller Machines (ATMs) popularity drops. Many Saccos are now launching their e-banking services to enable customers to transact at the palm of their hands. Competition from other financial service providers such as banks and…
Mr Peter Kurgat, one of the Sacco's top savers giving suggestions during the past event. Photo/File
Saccos dangle goodies to attract big savers
By Sammy Chivanga Savings and Credit Cooperative Societies (Saccos) are now turning to a cocktail of reward schemes to recognise and retain big savers as well as encourage other members to increase savings despite the economic hardships. The cut-throat competition among Saccos and other financial service providers has given customers a large pool of options…
Sacco CEO's in an annual conference in Nairobi. Photo/File
Only 3 per cent of women occupy top slots in Saccos
By Munene Maina Men dominate top management and leadership positions in Deposit-Taking Saccos new data shows. The Sacco Societies Regulatory Authority (Sasra) latest Sacco Supervision Annual Report, 2019 indicates men occupy 96.4 per cent of all chairmen seats in the institutions’ Board of Directors while women held 3.6 per cent of the positions. Men also…
