Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
One of the reform measures introduced by the Ministry of Cooperatives upon operationalisation of the Cooperative Societies Act, No 12 of 1997 was the creation of DCDCs vide a Commissioner’s Circular letter. This came in the wake of diminished donor funding to the sector due to what was infamously referred to as “donor fatigue”. The…
In the fast-paced arena of financial management, Kenya Saccos serve as beacons of resilience and innovation, navigating turbulent cash flow through strategic foresight and careful planning. As a cornerstone of financial inclusion and community empowerment, Saccos play a critical role in Kenya’s economic fabric and serve as an important conduit for savings mobilisation and credit…
The enactment of the Cooperative Societies Act, No 39 of 1966 was the outcome of the Sessional Paper No. 10 of 1965 on “African Socialism and its Application to Planning in Kenya”, while the subsequent enactment of the Cooperative Societies Act, No 12 of 1997 (Amendment 2004) was anchored on the Sessional Paper No. 6…
A number of Saccos have rebranded to breathe a new life into their existence. The hope is that with a change they will be able to capture the imagination of members, both existing and prospective, in a way that will bring positive energy and reinvigorate the many lattices that may have been rendered ineffective by…
Saccos are democratically owned and member-controlled financial institutions that play a pivotal role in Kenya’s financial services economy. These credit cooperatives more often than not provide a wide range of products and financial services to their members, including but not limited to savings, loans, insurance and investment. Saccos can play an important role in assisting…
Over time, Saccos are increasingly popular as a means of accessing financial services in the country. They are member-based entities which run on the principle of bringing resources together before providing affordable credit. Like other financial institutions that include microfinance, commercial banks and mobile lenders, they work day and night towards maximizing profit. Saccos have…
Insider lending is a process where a Savings and Credit Co-operative Society (Sacco) or a financial services institution advances loans to its officers or directors. However, in some developed countries, such as the United States, it is a requirement that such loans are charged at the same interest rate, repayment terms and credit evaluation criteria…
Saccos all over the world play a critical role in promoting financial inclusion through provision of financial services to members. However, membership size can have a direct impact on their long-term sustainability. This means that a Sacco with a large membership is more likely to be stable. There are a number of strategies in which…
While Savings and Credit Cooperative Societies (SACCOs) offer a myriad of benefits to members, they are also exposed to a lot of risks and with the progressive development in technology, regulatory demands and members’ needs, new risks are bound to keep cropping up. Types of risks There are several types of risks faced by SACCOs…
The financial landscape in Kenya is characterized by a diverse array of institutions like banks, insurance companies and Saccos that cater to the financial needs of individuals and businesses. At the heart of the effective functioning of these organizations lies the crucial element of professional management. This article explores the unique characteristics of banks, insurance…
