News

Uhuru orders anti-fraud police unit for Saccos

By Staff Reporter President Uhuru Kenyatta has directed the Ministry of Industry, Trade and Co-operatives to immediately operationalize the proposed Sacco Societies Fraud Investigation Unit within the Sacco Societies Regulatory Authority (SASRA). This is part of a series of policy and regulatory measures that he said the Jubilee administration has initiated so as to create an enabling environment for co-operative ...

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State told to expedite formulation of national co-op policy

By Collins Akong’o The Cooperatives Alliance of Kenya Chief Executive Officer Daniel Marube has called on the government to speed up ratification of the national policy on cooperative development. Speaking in Mombasa during Ushirika Day celebration, Marube said a standardized national policy on activities of cooperative societies will spur growth across the 47 counties. He noted that the operationalization of ...

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Co-operative tribunal in rush to clear backlog

By Jackson Okoth The Co-operative Tribunal has released to the public, a calendar of its sittings outside Nairobi, as the quasi-judicial body rushes to clear matters that have been pending before it. These hearings will happen in the period between July 2019 and June 2020. This Tribunal is a specialized court established under section 77 of the Co-operative Societies Act, ...

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Sacco members dwindle as multinationals lay off staff

By Benedicto Ng’etich Kericho County Director of Cooperatives Leonard Otii has advised Saccos affiliated to giant multinationals to device other means of survival in the face of dwindling membership. Otii expressed fear over the survival of the societies after the parent companies started early retirements of employees due to what has been seen as the nega­tive effects of massive mechani­zation ...

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Kitui federation empowers women

By Boniface Mulu Kitui Tisuka Women Federation has extended its reach and currently is serving a total of 228 self-help groups with a total of 2,573 members. The federation’s chairlady, Elizabeth Maingi, said that they have 15 cluster level associations with 240 members. “We are supporting 10,173 directly in many ways including empowering them socially and economically,” she said. Maingi ...

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High loan default rates hit Saccos

Defaulters to lose property in stringent loan recovery measures By Jackson Okoth Deposit-Taking Saccos have warned members of stringent loan recovery measures that include use of debt collectors and Credit Reference Bureaus to lock out loan defaulters from accessing Sacco products. The rate of non-performing loans has been on the rise in the Sacco sub-sector. This has led some Saccos ...

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Well-oiled rural saccos invade major towns

By Jackson Okoth Ol-Kalou-based Tower Sacco in Nyandarua County is set to open new branches in Nairobi and Narok counties, as more rural-based Saccos eye new opportunities and businesses in major urban centres. Most of these Societies are targeting women, the youth and those engaged in small and medium sized enterprises. Those who are engaged in the informal sector in ...

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Sacco Micro-Credit facility fails to take-off

By Jackson Okoth A growing number of deposit-taking Saccos are reviewing their strategy on recruitment and lending to members involved in the informal and micro enterprise sectors. This has been occasioned by the high default rates by members from informal businesses. One such player is Wanandege Sacco Society, which has stopped recruiting members from the business community and shifted its ...

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You can now use movable property as Sacco loan collateral

By Munene Maina Sacco members have the alternative of using movable assets as collateral to secure loans. This is in addition to the traditional use of land and chattel collaterals. “This will in effect greatly improve the ease with which consumers can access credit facilities from the financial lenders; while at the same time securing the interest of financial service ...

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Tussle rocks the relocation of coffee co-op factory

By Talarus Chesang Baringo coffee farmers have opposed ongoing plans to relocate a multi-million coffee factory from Katimok Forest in Baringo North to Koibatek Agricultural Training Centre (ATC) in Eldama-Ravine. Residents put on the spot the County Governor Stanley Kiptis over earmarked relocation of the Sh100 million-worth coffee factory. “Construction of the modern Coffee Milling Plant is now set to ...

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