Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Saccos hired 3,430 agents in towns across the country in a strategy aimed at ensuring efficient and effective services for their members. According to the Sacco Supervision Report for 2022 released by the Sacco Societies Regulatory Authority (SASRA), 36 Deposit-Taking (DT) Saccos hired 3,430 agents to help them handle customer transactions, which helped to cut…
Sacco Societies Regulatory Authority (SASRA) is set to propose a law that will see the National Treasury deduct money directly from funds allocated to public agencies. This is after the Sacco Supervision Report for 2022 indicated that 80 regulated Saccos did not get Ksh2.67 billion from employers, which were deductions from the pay of 66,452…
Cooperatives and MSMEs Cabinet Secretary (CS) Simon Chelugui has said co-operatives have been an important socio-economic development tool since independence, and thus the need to channel all resources through the sector. “We want to reposition our country in all sectors through the cooperative model for meaningful growth, including in the realization of the bottom-up economic…
The Ministry of Cooperatives and Micro, Small and Medium Enterprise (MSME) Development Cabinet Secretary (CS) Simon Chelugui has urged Saccos to support the development of different value chains in the country in order to uplift livelihoods. Speaking in Kakamega during the launch of Invest and Grow (IG) Sacco’s 2023-2027 Strategic Plan, the CS urged Saccos…
Land and housing-related borrowing from credit advanced by Saccos jumped to 33.2 percent in 2022 according to a report released by the Sacco Societies Regulatory Authority (SASRA). The massive increase is 26.9 per cent up from what was recorded in 2021 showing the aggression by Saccos in empowering its members to acquire land and houses….
The Sacco Societies Regulatory Authority (SASRA) has reported that Kenyans cashed out Ksh30.8 billion of the money saved in Saccos in 2022. “This can be attributed to the high cost of living, which has resulted in members withdrawing their savings for consumption purposes,” said the report. The latest supervisory report also showed that withdrawable deposits…
Data recently released by Sacco Societies Regulatory Authority (Sasra) has revealed that 92,000 Sacco savers have savings of more than Ksh1 million. The number represents an increase of 29.6 per cent from the 71, 000 reported in 2021. It is also more, than double the 39, 000 accounts that were holding such amount five years…
Sacco leaders have been urged to use the appropriate technology to run Sacco operation so as to spur growth. Martin Kimani, an Associate Director in KPMG’s Technology Transformation Unit and a speaker at the forum, told the leaders that technology reaches more ground and keeps up with the ever changing business environment. Kimani said that…
Herman Mwashighadi Mwachia can truly attest to how Saccos are beneficial to its members. Mwachia, who is a member of Qwetu Sacco, says that the Sacco changed his life for the better. The retired primary school teacher acquired a loan of Ksh2.5 million from Qwetu Sacco which he used to build a modern permanent house…
The importance of Saccos as suitable vehicles for mobilising local savings and extending affordable credit to their members requires no belabouring. The impact of the Sacco movement on the country’s economy has over the years been hailed as significant and a success story in the region and beyond. Stories abound that some big Saccos are…
