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

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…

Ufundi Cooperative sacco announces sale of tower to clear debt

Sacco ReviewMarch 2, 202403 mins

Ufundi Savings and Credit Co-operative Society Limited has announced the sale of it’s 14-storeyed building, Ufundi Co-op Plaza, at the junction of Moi Avenue and Moktar Daddah Street. In a local daily newspaper notice dated February 29, 2024, the Sacco has invited bidders for the iconic building Nairobi Central Business District that will be sold…

KenGen profit falls 9.2 per cent on weak shilling

Sacco ReviewMarch 1, 2024March 1, 202404 mins

Kenya Electricity Generating Company (KenGen) has reported a 9.2 per cent drop in net profit in first-half earnings compared with the same period a year earlier. The listed firm reported KSh2.96 billion in net profit for the six months to December 2023. This profit drop from the KSh3.26 billion reported in a similar period last…

Non-deposit-taking Saccos to start paying regulatory levy

Sacco ReviewFebruary 29, 2024February 29, 202406 mins

The non-withdrawable depositing taking (NWDT) Savings and Credit Co-operatives (Saccos) shall now be required to pay annual regulatory fee to the country’s Sacco Regulator, the Sacco Society Regulatory Authority (SASRA) as they fully come under its purview. According to the November Legal Notice by Sasra the rate of the annual Sacco Societies Levy will be…

SASRA increases approved auditors to accommodate additional Saccos

Sacco ReviewFebruary 29, 2024March 1, 202405 mins

The Sacco Societies Regulatory Authority (SASRA) has increased the number of audit firms approved for auditing Saccos under its supervision to 365 to accommodate the additional cooperatives. The latest figure for the 2024 auditing of Saccos means an additional 92 audit firms have now been cleared to check the books of Saccos, up from 273…