National News - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

Senator wants private coffee millers audited to tame theft

Sacco ReviewJuly 11, 2024July 11, 202404 mins

Senate Deputy Speaker Kathuri Murungi has called on the government to audit all private coffee millers across the country following the increasing coffee theft cases. Speaking at Kariene in Central Imenti Constituency, Kathuri who is also the Meru Senator urged the ministry of agriculture to move with speed and collect data on source and volumes…

KCB responds to auditor queries on Hustler Fund

Sacco ReviewJuly 10, 2024July 11, 202406 mins

KCB Bank Kenya Limited has issued a response to the queries raised by the Office of Auditor General on Financial Inclusion Fund (Hustler Fund). Auditor General Dr Nancy Gathungu had issued a disclaimer opinion, citing inconsistencies in the management of the fund. Through a statement from the bank Managing Director Annastacia Kimtai , the financial…

KRA records 11.1 per cent growth in revenue collection, misses target

Sacco ReviewJuly 10, 202409 mins

Kenya Revenue Authority (KRA) has recorded an increase in revenue by 11.1 per cent in the Financial Year 2023/2024 up from 6.4 per cent in the previous financial year. The authority collected KSh2.407 trillion compared to KSh2.166 trillion in the previous financial year. KRA says the performance translates to a performance rate of 95.5 per…

No coin of Hustler Fund has been lost, CS Chelugui says

Sacco ReviewJuly 9, 202406 mins

Cabinet Secretary Ministry of Cooperatives and MSME Development Simon Chelugui has maintained that no money has been lost from Financial Hustler Fund. The CS who issued a press statement on Tuesday July 9 said the Ministry has all documentation in connecting with the loans issued through Hustler Fund. Auditor General Dr Nancy Gathungu had issued…

Faulu gets over Ksh900 million to grow digital, MSME banking

Sacco ReviewJuly 7, 202405 mins

Faulu Microfinance Bank has secured more than KSh 900 million from its parent company, Old Mutual, to enhance its operations and revamp its business model for sustained growth. The company plans to utilize the funds to expand its digital banking services and to realign its distribution channels and human resources to promote sustainable growth. Faulu…

Uproar as candidate accused of sexual abuse elected director of tea factory

Sacco ReviewJuly 5, 2024July 5, 202404 mins

The United Kingdom (UK) Multinational James Finlay has written a letter requesting the removal of John Chebochok from his position as Director of Toror Tea Factory, a Kenya Tea Development Association (KTDA) factory. In a letter signed by Ben Woolf addressed to Enos Njiru Njeru, Wilson Muthaura of KTDA dated July 1, 2024 and seen…

More than 18 million Kenyans have not joined cooperatives

Sacco ReviewJuly 4, 2024July 4, 202403 mins

The government is now aiming to have Kenyans embrace saving culture for betterment of their financial well-being. Cooperatives Principal Secretary Patrick Kilemi says more than 18 million Kenyans are not in cooperatives and the government is pushing to have them save the little they make through cooperatives. The PS says they are encouraging Kenyans to…

Loss-making Home Afrika sells land, houses to clear loan

Sacco ReviewJuly 3, 2024July 3, 202405 mins

Home Afrika, a real estate company listed on the stock exchange, is selling some of its assets, including houses and land, in order to repay an outstanding loan of KSh79 million from I&M Bank. Home Afrika intends to sell six housing units from its Mitini Scapes Development, located along Kiambu Road and Lake View Heights in Kisumu. The purpose of this sale is to repay…

Ushirika Day Celebrations scheduled for July 6 postponed indefinitely

Sacco ReviewJuly 2, 202403 mins

The 102 International Day for Cooperatives also dubbed Ushirika Day in Kenya that was scheduled for Saturday July 6, 2024 has been postponed until further notice. In a memo by the National Ushirika Day Celebration Council addressing all the Cooperative Societies, dated July 1, 2024 and seen by Sacco Review, attributed the move to the…

Govt to digitize 80 per cent of state services, CS Owalo says

Sacco ReviewJune 27, 202403 mins

Cabinet Secretary, Ministry of Information, Communications, and the Digital Economy, Eliud Owalo has said the government is planning to digitise at least 80 per cent of public services and make them available in a one-stop shop, the e-Citizen platform. The CS who was speaking during opening the East African Communications Organization (EACO) 29th Annual Assemblies…