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

Public Investments Committee seeks answers on SASRA audit queries

Sacco ReviewApril 23, 2024April 23, 202402 mins

The National Assembly Public Investments Committee on Commercial Affairs and Energy met last week to examine the audited accounts of the Sacco Societies Regulatory Authority (SASRA) for Financial Years 2013/2014 to 2020/2021. The Committee led by Member of Parliament for Navakholo Constituency and Majority Party Whip at the Kenya National Assembly Emmanuel Wangwe cross-examined SASRA…

Over 13 million Kenyans affected as Opera stops free data offers on regulatory changes

Sacco ReviewApril 22, 202404 mins

Opera has stopped its free data plan which allowed Kenyans to enjoy free data bundles to access the Opera, which runs the Opera Mini Browser, as a result of local authorities’ decision, including the Betting Control and Licensing Board, to halt advertising on Speed Dials (bookmarks on the start page) within browsers. According to Google,…

Government plans to merge CMA, IRA and SASRA

Sacco ReviewApril 22, 202403 mins

The Government intends to merge three major financial regulatory bodies in the country to enhance service delivery, avoiding duplication of roles and reduce bureaucracy. According to reports, Prime Cabinet Secretary Musalia Mudavadi said recently that the three regulatory bodies are Saccos Societies Regulatory Authority (SASRA), Capital Markets Authority (CMA), and the Insurance Regulatory Authority (IRA)….

How Saccos can increase their membership size

Sacco ReviewApril 22, 2024April 22, 202404 mins

There are various Saccos in the country and best strategies are needed to make a Sacco increase its membership size. Below are some of the marketing strategies. 1). Have a good website Since the internet is everywhere, website is very vital new and prospective members have access easily. Good website will boost membership. 2). Offer…

Diamond Trust Bank unveils seven new branches

Sacco ReviewApril 22, 202402 mins

DTB Bank has opened new seven branches across the country. These include Gikomba, Eastleigh (BBS Mall), Karen Hardy, Ongata Rongai, Kapsabet, Kenol in Murang’a and Bondeni in Mombasa. The DTB Group Chief Executive Nasim Devji said the unveiling of these new branches is a testament to unwavering commitment of the lender to bring services closer…

Bamburi Cement posts net loss of KSh399 million, raises shareholder payouts

Sacco ReviewApril 22, 2024April 22, 202402 mins

Bamburi Cement Plc recorded a net loss of KSh399 million for the year ended December 31, 2023 compared to a net loss of KSh181 million it posted in 2022. However it raised its dividend payout to shareholders 7.3 times translating to KSh1.99 billion as a result of increased financial muscle. Bamburi CEO Mohit Kapoor said…

Ukulima Sacco rebrands to Apstar Sacco to cast net wider and welcome MSMEs

Sacco ReviewApril 20, 202407 mins

Ukulima DT Sacco Society has rebranded to Apstar Sacco to redefine its business model, departing from its traditional catchment of the farming community to attract youthful membership in the Micro, Small and Medium Enterprises (MSMEs) segment. Part of the vision is to offer clear and transparent financial products and services, which will be accessible to…

Jamii DT Sacco posts impressive growth to pay high dividends in 2023

Sacco ReviewApril 20, 2024April 20, 202406 mins

Jamii Sacco has recorded growth in gross revenue by 4 per cent in the year ended December 2023, rising from Ksh 657.8 million to Ksh 682.5 million. Based on the good performance in this and a diversity of other parameters, the board paid out dividends on share capital and savings at the rates of 13…

How banks paid dividends to members in 2024

Sacco ReviewApril 20, 202402 mins

Banks paid KSh66.4 billion in shares to its members for the year ended December 31, 2023. The amount translates to a 48.9 a share of the cumulative KSh153.6 billion payouts from all counters. Equity Bank topped in paying dividend to shareholders on absolute terms at KSh15 billion translating to KSh4 a share on its over…

Construction sector tops in cleaning dirty money, report reveals

Sacco ReviewApril 19, 202402 mins

More than half of the 10,733 private companies involved in money laundering in Kenya are in the construction sector. This is strengthened by the unexplained capital-intensive real estate sector. The National Risk Assessment On Money Laundering and Terrorism Financing of Legal Persons and Legal Arrangements – Kenya report published by the Business Registration Service (BRS)…