Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Simon Chelugui, the Cooperatives and MSMEs Development Cabinet Secretary (CS), has released a report which indicates a steady growth in the Sacco industry for the past one year. Chelugui said that all the 360 Saccos regulated by the Sacco Societies Regulatory Authority (SASRA) have seen tremendous growth in assets, deposits, loans, and capital from November…
The Cooperative Bill 2023, recently approved by the Cabinet, will penalize employers who fail or delay to remit employees’ deductions from salaries to Sacco accounts within 7 days. The Bill proposes that employers who fail or delay to remit the deductions shall pay the amount deducted with compound interest accrued at a rate of not…
A team of top CEOs of Savings and Credit Co-operative Associations (SACCAs) drawn from across USA, Europe and Canada, who are in the country for the Inaugural ACCOSCA International CEOs’ Summit which ends on November 11, have called on Kenyan Saccos to strive to meet the needs of their members as a pivotal strategy towards…
Anxiety is brewing among staff at the Standard Media Group as word spreads that Network Sacco, which directly deducts monthly contributions from their salary, is facing severe financial difficulties. The Sacco membership, which is drawn from the editorial, management and other departments, has experienced salary delays attributed to cash flow issues occasioned by a reduction…
The co-operative movement in Kenya is playing a vital role in the realization of the government’s Bottom-Up Economic Transformation Agenda. This is according to Cooperatives and Micro, Small, and Medium Enterprises (MSMEs) Development Cabinet Secretary (CS) Simon Chelugui, who praised the sector’s role in economic growth, alleviating poverty and advocating for social inclusion. Speaking in…
Deputy President (DP) Rigathi Gachagua has said that coffee farmers in the country will now sell their coffee directly to the United States of America (USA) without brokers. Gachagua said that there are ongoing talks with the world’s largest coffee chain, Starbucks Corporation, to sign a landmark deal that will see farmers double their incomes….
The rush by Saccos to embrace mobile and internet banking as a replacement for the brick and mortar branches is proving to be a weak link in the fight against fraud in Saccos. A recently released SASRA report covering 2021 and 2022 shows that rogue Sacco staff are breaching internal systems and riding on mobile…
President William Ruto has urged unregistered farmers to register and benefit from subsidized fertilizers to boost their production. Speaking during the Mashujaa Day celebrations at Kericho Green Stadium, the President emphasized that his administration is committed to ensuring that every farmer in Kenya has access to the resources they need to thrive. He revealed that…
The Cabinet has approved the release of an additional Ksh4 billion for coffee farmers. It had earlier on released Ksh3 billion . This implies that farmers will now earn Ksh80 for a kilogramme of cherry from the current Ksh20 as an advance payment. To re-energise the Nairobi Coffee Exchange, the government will also search for better markets for…
Deputy President Rigathi Gachagua has revealed that coffee farmers will sell their produce directly to Starbucks, eliminating intermediaries. The DP said that the government is currently in discussions with Starbucks Corporation, the world’s largest coffee chain based in the United States, regarding a groundbreaking deal. “The collaboration is expected to revolutionize the coffee industry in…
