Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Cooperatives Cabinet Secretary Simon Chelugui has underscored the need for the government to mobilise available resources to generate revenue rather than depend on borrowed funds. Chelugui noted that Kenya has a lot of untapped resources which should be tapped into to generate revenue. “We can mobilise our own savings to invest in express highways, water…
Safaricom Sacco has signed a memorandum of understanding with Centum Real Estate, a move that seeks to enable the Sacco members buy residential homes in Nairobi, Kilifi, and Entebbe, Uganda. Through the MoU, sacco members will be financed to acquire all properties under development by Centum RE at a lower price than the market rate….
Cooperatives & MSMEs Cabinet Secretary Simon Chelugui has warned rogue Sacco officials against embezzling funds belonging to Sacco members. Speaking during the opening of the inaugural Co-operative Movement Stakeholders’ Annual Conference held in Pride Inn Paradise Beach Resort in Mombasa, Chelugui said the government is keeping an eye on the sector to ensure no money…
Many Saccos countrywide are using publicity campaigns to net in more members which consequently increases their share capital and liquidity. The Saccos adopt big marketing budgets as a move towards making them more popular among their target market. Adopted publicity materials are creative, attractive and direct since they are tailored to reach and entice specific…
Directorate of Livestock Policy and Regulations representative Dr. William Akwimbi has expressed optimism that law and order will be restored in the Ministry of Agriculture and Livestock following the development of seven regulations to promote livestock production. Speaking in Kisumu during a public participation drive attended by stakeholders from Nyanza and Western regions, Dr. Akwimbi…
Stima DT Sacco is gearing up for the launch of new branches in Kisii, Meru and Nairobi counties. The branches, which will be launched on June 30, 2023, will be located on the ground floor of Waumini Plaza, second floor of Greenwood Mall and First Floor of Electricity House in Kisii, Meru and Nairobi counties…
As a financial year comes to an end, cooperatives need to review the year’s performance through the annual general meetings. Cooperatives are democratic organizations that are controlled by members, who actively participate in setting policies and making decisions. Members are the source of all authority and the basic unit of democratic control. Members need to…
President William Ruto has officially launched the second phase of the Financial Inclusion Fund (Hustler Fund) that targets registered groups. Speaking in Embu town during the 60th Madaraka Day celebrations, the president said the groups can qualify for loans up to millions of shillings. He pointed out that the groups will be used as collaterals…
Kenya Union of Savings & Credit Co-operatives Ltd (KUSCCO) has rejected the provisions of the controversial 2023/2024 finance bill, arguing that its implementation has far reaching consequences in the operations of Saccos. Through a memorandum dated May 22, 2023 and received by the national assembly, the union noted that issues contained in the Finance Bill…
Kenya Union of Savings & Credit Co-operatives Ltd (KUSCCO) has presented their memoranda on tax matters affecting Saccos in Kenya where they have said that there will be implications under the current tax law provisions. Saccos with corporate members would lose the tax benefit of exemption. Interest income from members and 50% for the interest…
