Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Deputy President Rigathi Gachagua has announced that the government will release the coffee cherry revolving fund to farmers soon. He said the government has allocated Ksh4 billion, adding to the Ksh2.7 billion that was earlier allocated, assuring that the government is committed to restoring the glory of the sub-sector as was in the 1980s. “The…
The Ministry of Co-operatives and MSMEs Development has allocated Ksh500 million to Kenya Co-operative Creameries (KCC) to purchase excess milk after a dairy boom following the heavy rains being experienced across the country. While addressing the press in his office, Cabinet Secretary (CS) Simon Chelugui announced that the funds will be immediately disbursed to KCC…
The National Housing Corporation (NHC) has urged Kenyans to use its digital platform, Boma Yangu, to secure affordable housing mortgages through the e-Citizen platform. NHC board member Joshua Nyamori said that the platform, which he said is the gateway to the Affordable Housing Program, enables Kenyans to buy houses at market-friendly rates on both short…
Simon Chelugui, the Cooperatives and MSMEs Development Cabinet Secretary (CS), has released a report which indicates a steady growth in the Sacco industry for the past one year. Chelugui said that all the 360 Saccos regulated by the Sacco Societies Regulatory Authority (SASRA) have seen tremendous growth in assets, deposits, loans, and capital from November…
The Cooperative Bill 2023, recently approved by the Cabinet, will penalize employers who fail or delay to remit employees’ deductions from salaries to Sacco accounts within 7 days. The Bill proposes that employers who fail or delay to remit the deductions shall pay the amount deducted with compound interest accrued at a rate of not…
A team of top CEOs of Savings and Credit Co-operative Associations (SACCAs) drawn from across USA, Europe and Canada, who are in the country for the Inaugural ACCOSCA International CEOs’ Summit which ends on November 11, have called on Kenyan Saccos to strive to meet the needs of their members as a pivotal strategy towards…
Anxiety is brewing among staff at the Standard Media Group as word spreads that Network Sacco, which directly deducts monthly contributions from their salary, is facing severe financial difficulties. The Sacco membership, which is drawn from the editorial, management and other departments, has experienced salary delays attributed to cash flow issues occasioned by a reduction…
The co-operative movement in Kenya is playing a vital role in the realization of the government’s Bottom-Up Economic Transformation Agenda. This is according to Cooperatives and Micro, Small, and Medium Enterprises (MSMEs) Development Cabinet Secretary (CS) Simon Chelugui, who praised the sector’s role in economic growth, alleviating poverty and advocating for social inclusion. Speaking in…
Deputy President (DP) Rigathi Gachagua has said that coffee farmers in the country will now sell their coffee directly to the United States of America (USA) without brokers. Gachagua said that there are ongoing talks with the world’s largest coffee chain, Starbucks Corporation, to sign a landmark deal that will see farmers double their incomes….
The rush by Saccos to embrace mobile and internet banking as a replacement for the brick and mortar branches is proving to be a weak link in the fight against fraud in Saccos. A recently released SASRA report covering 2021 and 2022 shows that rogue Sacco staff are breaching internal systems and riding on mobile…
