Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Personal finance refers to a financial management process which an individual or a family unit engages in to budget, save and spend financial resources over a given period of time considering various financial risks and future life events and expectations. Financial experts argue that personal finance literacy is critical to help an individual make rational…
SASRA is finalizing the guidelines that will standardize member complaints management, which will be applied across the Sacco sub-sector which is under the regulation of the Authority. The proposed Guidelines on Complaints Management by Sacco Societies, which were subjected to public and stakeholders’ comments and feedback for 15 days running from March 3, 2023, to…
Sacco Society Regulatory Authority (SASRA) has set minimum requirements for engagement of third-party financial system integrators (vendors) that provide their financial services to Saccos in a bid to deal with cyber-attacks related to third parties.In a letter dated June 6, 2023 addressed to chief executives (CEOs) of the regulated Sacco societies, SASRA CEO Peter Njuguna…
Deputy President Rigathi Gachagua has assured tea farmers that the government is in the process of implementing the Tea Act of 2020 sponsored by Kericho County Senator Aaron Cheruiyot. Speaking during the closing ceremony of a three-day conference dubbed, “Mkulima Kwanza” held at the Kericho Golf Club, the DP noted that implementing the Act will…
Deputy President Rigathi Gachagua has called on Kenyans to embrace the saving culture so that the Govt can borrow funds from within instead of getting loans from outside. Speaking at Kinoru stadium in Meru town during Solution Sacco’s 30th-anniversary celebrations, the DP noted that the cooperative sector is a key pillar of driving economic growth…
Kenya Union of Savings and Credit Co-operative (KUSCCO) has asked defaulting government institutions to release billions worth of statutory deductions they owe Saccos in the country. KUSCCO Group Managing Director George Ototo said the non remittance by the two governments had created operational challenges for many Saccos. Ototo added that it was imperative that urgent…
The government is negotiating with banking institutions to streamline their lending packages to accommodate Small and Medium Enterprises(SMEs), which are thought to be the pillar of the country’s future economy. Cooperatives Cabinet Secretary Simon Chelugui said the government was consulting with banks to restructure and be more attractive to small and medium enterprises. Chelugui was…
Chief Executive Officers (CEOs) of various Saccos have revealed why they are averse to lending to Small and Medium Enterprises (SMEs), top among the reasons being their lack of verifiable information. 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…
The 101st Ushirika Day celebrations held at KICC saw different Saccos bag awards for excellent performance in various categories. Mentor Sacco emerged the winner in Best Sacco in Risk Management category where Mwalimu National Sacco and Yetu Sacco took position two and three respectively. In Best Managed Sacco across the country, Kenya National Police DT…
Savings and Credit Cooperative Societies (Saccos) are turning to in-house managers for succession of top seats as opposed to hiring outsiders. The change of tack aims at ensuring little or no disruption in the running of the savings societies. Cooperatives are largely viewed as very democratic institutions, with members having a big say on who…
