Nairobi

Kenyan receives Distinguished Service Award

By Rosemil Oduor A member of the Kenyan Union of Savings and Credit Cooperatives (KUSCCO) Sylvester Kadzola received a Distinguished Service Award (DSA) for his exemplary service to the international credit union movement. He was presented with the honour during World Council of Credit Unions conference in The Bahamas. According to WOCCU Kadzola sat on the World Council Board of ...

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Spending cuts lift Harambee Sacco out of losses

Sacco paid dividends at 4% this year while interest on deposits at 5.5% this year. By Jackson Okoth A change in its executive suite, which saw the recruitment of a new Chief Executive Officer as well as Head of Finance, Investment and Strategy, combined with surgical spending cuts, is finally paying off for the giant Harambee Sacco Society Limited. The ...

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Sh9.9bn loan defaults strain Saccos

By Munene Maina Delay in remittance of loan repayment deductions by the National and County governments is causing headache for Sacco bosses. This has seen the growth rate of non-performing loans (NPLs) for most Saccos derailing growth in their businesses. New Sacco Societies Regulatory Authority (SASRA) survey also indicated some governmental institutions particularly public universities, research institutions and parastatals contribute ...

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Watchdog to set service delivery standards in Co-op Sector

By Munene Maina A new body to set standards of training and hiring of co-operative employees has been launched. Staff members in all co-operative societies will now undergo thorough vetting to ensure they meet the requisite academic qualifications before they are allowed to serve. The outfit, made up of scholars and experienced co-operators, is also expected to come up with ...

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Ubunifu Sacco fosters youth financial inclusion

By Erick Maranga Ubunifu Sacco continues to assist youth to enhance savings and financial inclusion.The youthful Sacco Chairman Frank Odindo said young people are the future of the country making it essential to cultivate a savings culture among them. This, he added, will increase financial inclusion and boost the sector’s deposits. What started as a self help group where members ...

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New SASRA ranking places CoreTEC as the leader in digital technology for Saccos

By Our Reporter CoreTEC Systems & Solutions is the leading Mobile (Digital) Financial Service Application provider company in country’s Sacco sector. In a recent survey conducted by Sacco Societies Regulatory Authority (SASRA), the firm ranks at the top of the leading companies in provision of digital technology to Saccos. According to 2017 Sacco Supervision Annual Report, the firm serves 29 ...

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Surestep leads the way in connecting Saccos to Digital Application Systems

By Our Reporter Surestep Sytems and Solutions Ltd has been rated highly among the leading ICT service providers in the Sacco sector. In a new Sacco Societies Regulatory Authority (SASRA) annual supervisory report, the company is one of the 12 credible service providers serving a high number of savings and credit co-operatives in the country. According to SASRA, Saccos have ...

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Co-operatives can make State’s Big Four Agenda a reality

Co-operatives societies are highly relevant and important in the realisation of President Uhuru Kenyatta’s Big Four development agenda. Affordable housing is one item on the agenda that Uhuru has focused on in his final term in office. The others are manufacturing, universal healthcare and food security and nutrition. If harnessed, the experience and capacity of co-operatives could provide a head ...

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Errant Saccos owe Youth Fund Sh200 million

By Our Reporter Saccos are among financial institutions that have defaulted on repayment of Youth Enterprise Development Funds (YEDF). National Assembly Special Funds Accounts committee led by South Imenti MP Kathuri Murungi has directed the fund’s CEO Josiah Moriasi to recover all the interests, penalties and full principal amounts. Appearing before the committee Moriasi said Necco Fosa Sacco, Nyamira Tea ...

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Safaricom Sacco boss quits after seven years

By Our Reporter Safaricom Sacco Chief Executive Officer Dr George Ochiri (pictured) has resigned. In a notice to members signed by Sacco Chairman Collins Ogutu and Vice-chairlady Josephine Ndambuki, Mrs Cynthia Naisisiae has been appointed the acting CEO. Naisisiae has been Safaricom Sacco’s General Manager. Ochiri had served the Sacco for seven years growing it from tier three category to ...

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