Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The Sacco Supervision Annual Report 2022 has revealed that Sacco membership grew by 7.02 per cent to hit 6.42 million. For the year ending 2022, membership in deposit taking Saccos stood at a staggering 5.96 million, representing an increase of 7.34 per cent. For non withdrawable deposit taking Saccos, membership increased by 3.14 per cent…
The recently released data by SASRA has revealed that most Saccos adopted the use of ICT in offering financial services to their members. The data revealed that the technological channels used include Sacco agencies, ATMs or mobile money transfer. According to SASRA, the new norm is replacing the clamour for brick and-mortar physical branches which…
Kilifi County Deputy Governor Flora Mbetsa Chibule has stressed the need to support cooperatives as key enablers of Kenya’s improved social and economic growth. Cooperatives, she said, cut across all the sectors of the economy, namely agriculture, mining, housing, transport, and manufacturing. In addition, they are known worldwide as instruments of poverty eradication and wealth…
Cooperative Commissioner David Obonyo has called for a paradigm shift on how Saccos conduct their businesses, warning that relying on the check off system is no longer tenable. Most Saccos, Obonyo stated, were employee-based that depend on a check off at the end of the month to give loans, turning their back on millions in…
Kenya Union of Savings and Credit Cooperatives (KUSCCO) Advocacy Manager Mercy Njeru has urged the government to allow only the official regulator to audit Saccos in the country for improved efficiency, transparency and confidence among cooperative societies. Njeru said currently there are many state agencies competing to audit Saccos, raising suspicion among Saccos to the…
A recently released Financial Sector Deepening (FSD) survey, which has the backing of the Central Bank of Kenya (CBK), has revealed that Small and Medium Enterprises (SMEs) are the worst-hit by debt crisis. The survey revealed that one in every six small scale business borrowers has defaulted on a loan in the past eleven months….
The SASRA Sacco Supervision Report 2022 has revealed that total assets by the Sacco sub-sector grew by 11.79 per cent with those from Deposit Taking (DT) Saccos standing at Ksh763.50 billion while those from Non-Withdrawable Deposit Taking (NWDT) Saccos shot to Ksh126.80 billion up from Ksh116. 02 billion recorded in 2021. The increase reflects a…
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…
