Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Dr Habil Olaka, a towering figure at Kenya Bankers Association for almost two decades, retires as its Chief Executive Officer (CEO) on March 31, the association announced. Olaka has been chief executive of the association since 2010. The governing council, in a statement, announced the appointment of Raimond Molenje as the acting CEO until a…
Prices of land in Kenya surge everyday. There are various factors to consider when buying land in the country. Some of the factors include; Papers/Documents You must carry out a search in the lands office to determine the ownership of the plot and if it’s genuine. The title deed should also be genuine. And also…
Top Saccos in the country are paying members at least four per cent more in dividends for their 2023 savings compared to a year earlier. Most cooperatives attributed the performance to muscular growth in its net interest income, enhanced member deposits and increased membership. Safaricom Investment Corporative (SIC) members will take home KSh142.4 million in…
Ufundi Savings and Credit Co-operative Society Limited has announced the sale of it’s 14-storeyed building, Ufundi Co-op Plaza, at the junction of Moi Avenue and Moktar Daddah Street. In a local daily newspaper notice dated February 29, 2024, the Sacco has invited bidders for the iconic building Nairobi Central Business District that will be sold…
Kenya Electricity Generating Company (KenGen) has reported a 9.2 per cent drop in net profit in first-half earnings compared with the same period a year earlier. The listed firm reported KSh2.96 billion in net profit for the six months to December 2023. This profit drop from the KSh3.26 billion reported in a similar period last…
The non-withdrawable depositing taking (NWDT) Savings and Credit Co-operatives (Saccos) shall now be required to pay annual regulatory fee to the country’s Sacco Regulator, the Sacco Society Regulatory Authority (SASRA) as they fully come under its purview. According to the November Legal Notice by Sasra the rate of the annual Sacco Societies Levy will be…
The Sacco Societies Regulatory Authority (SASRA) has increased the number of audit firms approved for auditing Saccos under its supervision to 365 to accommodate the additional cooperatives. The latest figure for the 2024 auditing of Saccos means an additional 92 audit firms have now been cleared to check the books of Saccos, up from 273…
Payments to the Management and Supervision Fund will now be done through the e-citizen platform, the Ministry of Co-operatives and Macro, Small and Medium-sized Enterprises Development (MSME) has announced. In a Circular dated January 17, 2024 by the State Department for Co-operatives, Commissioner for Co-operative Development David Obonyo has directed all Co-operative Societies and Auditors…
The Co-operative Bill, 2023 has now been put on hold after county governors claimed that they were not consulted during the drafting. Sponsored by the government through the Ministry of Co-operatives and Micro, Small and Medium-sized Enterprises (MSMEs) Development, the Bill was in Parliament to allow for its first reading before proceeding to other stages…
Savings and Credit Co-operatives Societies (Saccos) have been called upon by the Government to embrace innovation and devise strategies that will propel cooperatives towards continued excellence. Speaking during the Kenya National Police DT SACCO 51st Annual Delegates Meeting held in Serena hotel in Nairobi this February, Simon Chelugui Cabinet Secretary for Cooperatives, Micro, Small and…
