Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The urge to splurge out cash on secondary needs is slowly driving the youth away from saving. Savings are considered critical funding sources, which enable governments, institutions and individuals undertake investment projects. Harrison Song’e, Airports Sacco CEO, regrets that the younger generation is mostly driven by spending more than savings. This, he adds, has majorly…
The move by some Saccos to bar non-core members from elective positions has come under sharp criticism even as the Government seeks to enhance good governance in the entities. Most Saccos rebranded and opened the common bond to allow members from outside their traditional catchment areas to join the Saccos but didn’t change the bylaws…
Savings and Credit Co-operatives (Saccos) have been urged to turn their institutions into neobanks (online banks without traditional physical branch networks). Cynthia Wandia, the Chief Executive Officer (CEO) and Co-founder of Kwara Limited, recently said that turning Saccos into neobanks will help them deal with industry challenges and build new customer bases. Speaking at the…
Saccos are now scrambling into offering insurance cover for their members to earn commission as a key source of income to improve their much-needed balance sheet. While some societies have formed subsidiaries to execute the business, others have identified agencies to transact the business on their behalf. Medical cover for members has emerged as…
President William Ruto has lauded the unique nature of the cooperative business model of aggregating human and capital resources for informing his administration’s economic transformation agenda. The president revealed that since Saccos focus on uplifting Kenyans at the bottom of the economic pyramid, his administration decided to use them to help in economic transformation. He…
The fall of the hammer is dreadful. An encounter with an auctioneer is the most frightening experience for an investor, not just because of the humiliation, but the thought of losing property to an indifferent executor of orders is traumatising. However, Sacco leaders have maintained that despite auctioneers having a place in Saccos, they should…
Co-operative professionals and practitioners, through the Kenya Society of Professional Cooperators (KSPC), have asked the Co-operative University of Kenya (CUK) to re-introduce the traditional cooperative courses it used to offer before it was upgraded to a full-fledged public university. The professionals and practitioners noted that traditional cooperative courses, such as Certificate in Cooperative Administration (CCA),…
Savings and Credit Cooperatives (Saccos) and Microfinance institutions are expected to reap big following a move by the Central Bank of Kenya (CBK) to increase banks’ lending rates. CBK Governor Kamau Thugge raised the benchmark lending rates to the highest point in nearly seven years on heightened fear of a spike in consumer prices. The…
During this year’s National Cooperatives CEO’s Workshop in Mombasa organized by the Co-operative Bank, the Sacco heads decried lack of adequate information about SMEs as a hindrance to getting loans as their inability to keep records pushed them away from investing. In addition, most SMEs have a poor saving culture, denying them the banking history…
Geoffrey Njang’ombe, former Commissioner of Cooperatives, has a unique demeanour; polite, cool and collected. Yet behind the tranquility of mien is a tough uncompromising personality, but not in the usual sense of intense outlook commanded by senior corporate gentlemen and ladies. His amiability goes beyond common etiquette, transcending even the wiles of temptation in the…
