Co-ope News

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 some board members had overdue ...

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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 at an advanced stage and ...

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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 dairy farmers. The agency said ...

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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, acting Commissioner for Co-operatives Development ...

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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 2000 having participated in championing ...

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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 over Sh1trillion and loan portfolio exceeding ...

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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 credible data to support this ...

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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 85,400 credit unions. In Africa, ...

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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. Benedict Wekesa, the Chairperson of ...

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Sh 70 million coffee milling factory for Tugen farmers

By Enock Kipturgut A Korean investor Reverend Cha Bo Yong is set to put up a Sh 70 million coffee milling factory that will benefit Tugen Hills Farmers’ Co-operative Society members. The society Chairman Mark Yatich noted that the factory is a landmark project that will empower coffee farmers in Baringo County and beyond besides fast-tracking economic growth. Baringo Governor ...

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