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

Kenya to host 24th SACCA Congress in October

Sacco ReviewMarch 28, 2024March 28, 202403 mins

Kenya is set to host the 24th Savings and Credit Cooperatives Associations (SACCA) Congress on October 6-12, 2024 in Naivasha, Nakuru County. The 2024 SACCA Congress will be organised by African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) in collaboration with the Ministry of Cooperatives and MSMEs Development and Kenya Union of Savings and…

I&M Group dividend up as profit jumps to KSh12.6 billion

Sacco ReviewMarch 26, 2024March 26, 202402 mins

I&M Group bags net profit growth by 12.6 per cent from the financial year ending December 2023 amounting to KSh12.6 billion. The firm attributes the 15 per cent growth in its profits to an increase in its operating income. The Group has also increased dividends for the third straight year to KSh2.55 a share amounting…

KCB shareholders get zero dividends as profit declines

Sacco ReviewMarch 22, 2024March 27, 202402 mins

Kenya’s KCB Group posted a 15 per cent drop in pretax profit in 2023 to KSh48.5. Therefore, it announced it would not pay a dividend for the period in order to conserve capital. For the first time in 21 years, KCB Group shareholders will miss out on dividends after the bank reported a net profit to…

KCB to sell National Bank of Kenya

Sacco ReviewMarch 22, 2024March 22, 202402 mins

Kenya’s KCB Group has said it will sell its subsidiary National Bank of Kenya (NBK) to Nigeria’s Access Group. During an investor briefing on Wednesday March 30, the KCB’s Chief Executive Paul Russo, said the deal was struck at 1.25 times book value, but did not give the exact figure. He said, “The right thing to…

PS Cooperatives urges SACCOs to hire competent officials

Sacco ReviewMarch 21, 2024March 23, 202402 mins

Principal Secretary Department for Cooperatives Patrick Kiburi Kilemi has asked Sacco members to always hire competent officials to run the SACCOs. He said incompetent officials are not able to perform leading to poor performance of most firms. Speaking during APSTAR Sacco (former Ukulima Sacco) 46th ADM at Serena Hotels he said the board should also…

ABSA bank raises dividends after strong 2023

Sacco ReviewMarch 20, 2024March 21, 202402 mins

Absa Bank reported a net profit of KSh16.4 billion for 2023, up 12 per cent from the previous year thanks to rising revenues as a result of increased funding of core sectors fueling Kenya’s economic growth. READ ALSO: Jubilee Insurance scoops three awards in annual fete The firm’s board announced a 15 per cent increase…

StanChart raises dividend payout by 31 per cent

Sacco ReviewMarch 13, 202401 mins

StanChart said it will raise its dividend by 31.8 per cent to KSh29 a share compared to 15 per cent representing KSh16 per share it had paid in 2022. In December, the lender had paid a KSh6 a share interim dividend, and now it has increased the final payout to KSh23 per share from KSh16…

KBA hires acting CEO as Olaka retires by month-end

Sacco ReviewMarch 11, 2024March 11, 202404 mins

Dr Habil Olaka, a towering figure at Kenya Bankers Association for almost two decades, retires as its Chief Executive Officer (CEO) on March 31, the association announced. Olaka has been chief executive of the association since 2010. The governing council, in a statement, announced the appointment of Raimond Molenje as the acting CEO until a…

Seven factors to consider when buying land in Kenya

Sacco ReviewMarch 8, 2024March 8, 202403 mins

Prices of land in Kenya surge everyday. There are various factors to consider when buying land in the country. Some of the factors include; Papers/Documents You must carry out a search in the lands office to determine the ownership of the plot and if it’s genuine. The title deed should also be genuine. And also…

Smiles for savers as Saccos pay high dividends

Sacco ReviewMarch 2, 202403 mins

Top Saccos in the country are paying members at least four per cent more in dividends for their 2023 savings compared to a year earlier. Most cooperatives attributed the performance to muscular growth in its net interest income, enhanced member deposits and increased membership. Safaricom Investment Corporative (SIC) members will take home KSh142.4 million in…