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 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…
A Sacco is a member-owned financial cooperative society whose purpose is to pool savings from members and use the funds to provide them with affordable credits. The process of acquiring loans has been simplified and digitized in many Saccos through mobile banking, a process that has made the loans easily accessible to members. Saccos offer…
Saccos are increasingly turning their focus on motorcycle riders and women groups for new membership and uptake of products. Motorcycle riders, popularly known as boda bodas, are in particular seen as the fastest growing income group and many Saccos are coming up with targeted products for them. The focus on boda bodas and women groups…
Saccos have moved into a second wave of rebranding, in an apparently new order that is adding the words DT Saccos (Deposit Taking-Saccos) on their names. What is the rationale of this craze? How does this change of identity impact in the industry? Is it a way of DT Saccos delinking with other societies such…
The government has identified cooperatives as the vehicle through which it will achieve its transformational objective of improving lives and promoting economic growth. Cooperatives Cabinet Secretary (CS) Simon Chelugui said the national transformation agenda will focus on several key areas such as food security, financial inclusion, nutrition, infrastructure, production, education, healthcare and economic development. He…
