Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The Ministry of Cooperatives and Micro, Small, and Medium Enterprises (MSME) Development has cautioned SACCOs against paying unrealistic bonuses, dividends, and interest, as such cash outflows could cause liquidity challenges if not properly managed. Through a circular sent to SACCOs by the State Department of Cooperatives, the Office of Commissioner David Obonyo stated that the…
The primary purpose of a Sacco is to serve the community in which it operates. This is based on the understanding that co-operatives are not-for-profit enterprises, as the majority of the profit goes toward fulfilling the social, economic, and cultural needs of the community in which they operate. It is obvious that when a co-operative…
The Kenya Sugar Board (KSB) has been given a six month ultimatum to draft regulations aimed at streamlining operations of the troubled sugar sector. Agriculture Principal Secretary, Kiprono Ronoh, said these regulations are crucial for ensuring the effective implementation of the new law which came into place following the recent assent of the Sugar Bill…
Kenya Seed Company has admitted that indeed there was a shortage of maize seed in the country. The company director Sammy Chepsiror informed the National Assembly Committee on Agriculture and Livestock, which is probing the causes of shortage and increase in maize seeds prices that the shortage was as a result of general increase in…
The Departmental Committee on Trade, Industry, and Cooperatives has finalized its review of a report on the input of the public on the Business Laws (Amendment) Bill, 2024. The Committee, chaired by Embakasi North MP James Gakuya examined the report a day after concluding a three-day public participation exercise. The Bill, sponsored by Majority Leader…
Business stakeholders led by former legislator Lewis Nguyai have called on parliament to come up with stringent measures to cushion Kenyans who access loans from predatory digital lenders. Speaking when he appeared before the Departmental Committee on Finance and National Planning to make his submissions on the Business Laws (Amendment) Bill, 2024 the former MP…
Stakeholders making submissions on the proposed Tax Laws and the Business Laws (Amendment) Bill are seeking an extension of the tax amnesty to cover the taxes due and not paid between December 2022 and December 2025 to allow more taxpayers to take advantage of the program to settle outstanding tax balances. The Stakeholders who were…
Residents of Bungoma County have supported the proposal on zero taxation on farm inputs such as fertilizer. The residents participated in The National Assembly’s Departmental Committee on Finance and National Planning public participation on six (6) business related Bills that are currently before the National Assembly for consideration. The residents further asked the committee to…
Cooperatives and MSMEs Development Cabinet Secretary Wycliffe Oparanya has instructed Commissioner for Cooperatives Development to develop a Dividend Policy for Cooperatives that will ensure that no cooperative borrows to pay dividends. The CS who was speaking in Nairobi during the launch of the strategic plan 2023-2027 for new Kenya Planters Cooperative Union (KPCU) said the…
Stakeholders in the sugar industry have lauded President William Ruto for assenting to the enacted sugar bill. They noted that the move now paves the way for radical reforms in the sugar sub-sector which has been limping for many years. Kenya Union of Sugar Plantation Workers (KUSPAW) secretary general Francis Wangara said the Act will…
