Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
“The consultants will pave way for the stakeholders’ consultation as we gear up to the new policy whose draft is complete,” noted the official. For the Co-operative Development policy, a National Leaders Conference should have been held last year to validate it, but the process has dragged on for what insiders attribute to logistical challenges…
tem, set up in 2009, allows members to access their accounts 24 hours a day while providing more independence and freedom to members who can transact trough the mobile phone. “Members can access their accounts 24 hours a day, on weekends including Sundays and are not limited by time or their location. Any Sacco on…
By Jackson Okoth The Commissioner for Co-operative Development has instituted a statutory inquiry in United Nations Sacco Society (UN Sacco). The areas to be investigated during the inquiry, according to Gazette Notice No. 10042, include the Society’s By-Laws, Working and Financial Conditions and Conduct of the Management Committee, past and present members or officers of…
By Kiptanui Rutto Demand on loans is on a consistent rise and Saccos are seeking more ways of providing easy access of loans for their members. This is why Saccos are now looking for external funding to fulfill this demand. The number of registered Saccos continues to grow thus forcing them to look for new…
“The new rates will come into effect from December 1, 2016 and will apply to newly applied products. The changes will not apply retrogressively. Other terms and conditions applicable remain as before,” Mr Richard Nyaanga, Acting Chief Executive Officer of Ukulima Sacco Limited stated. Ukulima Sacco has reduced interest rates on 8 out of its…
By Titus Murithi Dhabiti Sacco was established in 1991 and was then known as Meru North Farmers Sacco. Its main focus was to provide financial services to members in Maua town. The Sacco had over 40,000 coffee farmers from Nyambene region and was formed after three coffee Co-operative societies Igembe, Tigania and Miathene merged to…
By Munene Maina Unison Sacco has embarked on an ambitious share drive with an aim of raising working capital. “We should embrace this drive to make us realize our targets and dreams,” said the Sacco’s Chairman, Mr James Muhandi in a Board of Directors’ report. With the drive members are poised to earn higher dividends…
Saccos are required to pay withholding tax on dividends as well as other non-member related activities that generate income. Other form of taxes includes a 10 per cent Excise Duty on the service fee they charge their members. “There are Saccos that have gone into the mortgage business and therefore deserve tax relief. We are…
By Daniel Njoroge Teachers in Muranga County have formed a housing co-operative society to enable them build affordable homes and invest in the lucrative real estate industry. The housing investment society is an initiative of Kenya National Union of Teachers (KNUT) Murang’a South branch which intends to mobilize teachers in the county to pool resources…
By Staff Writer The Co-operative sector has shed off its dark past characterized by corruption, nepotism and poor representatation owing to strong prudential guidelines and supervision by Government agencies. This is according to the Sacco Society Regulatory Authority (SASRA) CEO, John Mwaka. “While corporate governance issues are still common in the financial sector, we have…
