National News - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

Jubilee Insurance raises shareholder payouts after stronger profit

Sacco ReviewApril 18, 202402 mins

Jubilee Health Insurance posted a net profit of KSh438.6 million for the Financial Year ended December 2023 representing a 29 per cent increase from the KSh339.1 million recorded in 2022. The insurer’s Chief Operating Officer Njeri Jomo, said the organization realised a three-fold increase in cash flows generated from operations. She added, “As a company…

286,000 locally assembled phones sold since October 2023, says CS Owalo

Sacco ReviewApril 18, 2024April 18, 202402 mins

Some 268, 000 government-backed locally assembled smartphones have been sold to Kenyans since the first consignment was unveiled to the market end of October last year. The figure translate to 80 per cent of the 330, 000 phones assembled. Cabinet Secretary for Information, Communications and the Digital Economy, Eliud Owalo speaking at Aga Khan University’s…

Nairobi fourth wealthiest city in Africa with 4,400 super-rich individuals

Sacco ReviewApril 17, 2024April 17, 202403 mins

The latest African Wealth Report for 2024 shows places Nairobi as fourth wealthiest City as South Africa cities and regions dominate the Top 10 wealthiest on the African continent. According to the report, the number of super-rich in Kenya’s Capital City increased by 25 per cent to 4,400 in 2023 compared to more than 10…

Iconic Hilton Hotel in Nairobi’s CBD put up for sale

Sacco ReviewApril 17, 2024April 17, 202403 mins

Interested parties have been invited to purchase iconic Hilton Hotel situated in the Nairobi’s Central Business District. Both State and Hilton International Hotel Limited on Tuesday, April 16, separately invited expressions of interest from willing buyers to acquire 100 per cent equity stake in the hotel. In an advertisement published in one of the dailies…

Saccos vs money market funds: Which gives the best return?

Sacco ReviewApril 17, 2024April 17, 202406 mins

Money Market Funds (MMFs) and Savings and Credit Cooperative Organizations (SACCOs) are both money-saving instruments that have gained popularity in the country. And they both promise one thing — to make your money work for you. The two work in different ways therefore understanding their unique features before making a choice is vital. What are…

Health, security set to receive largest budget increase

Sacco ReviewApril 16, 2024April 16, 202403 mins

Health, national security, Public administration and international relations sectors are set to receive the huge budget increases in the next Financial Year 2024/25. According to Institute of Public Finance (IPF), the increase in allocation will be necessitated by States’ needs preferences and the budget increase which is expected to grow by four per cent to…

State keen on fulfilling affordable housing promise, DP Gachagua says

Sacco ReviewApril 16, 2024April 16, 202402 mins

Deputy President Rigathi Gachagua has said that the Government is committed to ensure the success of the affordable housing programme. He said the programme is enabling youth earn their daily bread and has also assisted in reducing cases of alcoholism and drug abuse. “The President is very clear on his intention which is for the…

Private security firms ordered to stop monthly remittances to COTU

Sacco ReviewApril 16, 2024April 16, 202406 mins

The Private Security Regulatory Authority (PSRA) has ordered all security firms to immediately stop remitting union contributions to the Central Organization of Trade Unions (COTU). In a letter dated April 15, PSRA Director General Fazul Mahamed said for years, private security have consistently deducted trade union fees from the private security guards and subsequently remitted…

When all said and done, Saccos have to make profits

Sacco ReviewApril 16, 202409 mins

Over time, Saccos are increasingly popular as a means of accessing financial services in the country. They are member-based entities which run on the principle of bringing resources together before providing affordable credit. Like other financial institutions that include microfinance, commercial banks and mobile lenders, they work day and night towards maximizing profit. Saccos have…

SASRA board has its hands full as real work begins

Sacco ReviewApril 16, 202406 mins

For close to a year, Sacco Societies Regulatory Authority (SASRA) board has been taking shape, starting with the appointment of Jack Ranguma, the former governor of Kisumu County, as the chairperson on February 6, 2023. There have been other new faces too. For instance, Freda Moraa, a former legal advisor in the Office of the…