Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Dennis Bett. Elgeyo Marakwet Youth Bunge Sacco has embarked on a mission to establish income generating activities to empower members. It is planning to partner with Safaricom and other financial institutions to set up business activities like M-PESA, Bank agents and building plots and homes for rental purposes. Speaking during the 2017 Annual Delegates…
By Kephas Ayiecha. Savings and Credit Co-operative Societies (Saccos) faced tough times ahead if the government goes ahead with plans to effect amalgamation of financial institutions. One such Sacco is the Trans National Times Sacco Society (TNTs) based in Kitale which has an increased financial base of Sh1.1billion. Speaking during the Sacco’s Annual Delegates Meeting…
By Ken Langat. Tea farmers have been asked to diversify farm production in order to enhance their source of income. Kenya Midland Sacco Chief Executive Officer, Robert Rotich (pictured) said that most of the farmers are affected during unfavourable weather conditions and market price conditions. Rotich who attributed high rate of defaulting among members to…
By Our Reporter. The Trans-Elite Sacco, formerly Nandi Teachers Sacco Ltd has embarked on robust marketing to recruit more membership. According to the Chairman, Alfred Ngetuny, the move has seen membership increase from 3,356 in 2015 to 5, 856 in 2016. He said the Sacco had also recorded marked growth which he attributed to factors…
By Wasike Elvis. The first ever Military Veteran Sacco has been launched in the County, according to the CEC in charge of Trade and Industrialization, Philip Melly (pictured). He said the Sacco members comprise of ex-military officers who participated in Second World War, their families and domestic workers. “As a County Government we have been…
By Wasike Elvis. Governor Jackson Mandago has urged the National government to open a Co-operative College in the county. He said that this will offer training on how to manage Savings and Credit Societies (Saccos). “Despite us reviving over 100 Co-operatives and giving them loans, some of the officials lack managerial skills leading to them…
By Kamundia Muriithi. Winas Sacco plans to go big on agency banking in a bid to decongest its banking halls and deliver efficient services to its members. Robert Njue, the Chairman of the Board of Directors revealed that plans were in high gear to launch WINAS Mashinani, which will ensure the Sacco has agents in…
By Jackson Okoth. Harambee Sacco Society Ltd posted a decline in net surplus for the financial year ended December 31, 2016 to Sh100 million from Sh106.7 million in 2015. Interest on loans and advances rose from Sh1.5 billion to Sh1.6 billion while net interest income fell from Sh570.8 million in 2015 to Sh310.7 million in…
By Jackson Okoth. The National Treasury is seeking to allow all Co-operative societies to issue Shariah-compliant products, opening up yet another frontline where competition between these societies will be intense. On the list of Saccos that are already Sharia-compliant are Crescent Takaful Sacco Society Limited andTaqwa Sacco Society Limited. Takaful Sacco offers mobile payments, international…
By Murithi Kinoti. Centenary Sacco seeks to go big on agency banking as it expands its reach in the region and beyond. The Sacco also plans to open a satellite office at Marimanti Market in Tharaka-Nithi County with an aim of bringing financial services closer to existing members in that region as well as tap…
