Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Fred Sitati Cooperatives, by their very definition, are formed to serve the socio-economic and cultural needs of their members. However, the majority of cooperatives in Africa are agro-based and financial in nature while aspects of social services are given a wide berth. In view of the challenges facing humanity globally courtesy of Covid-19 pandemic,…
By Fred Sitati The endemic cases of mismanagement in the cooperative movement have reached alarming proportions in the country according to the report released by the Ethics and Anti-corruption Commission (EACC) recently. The EACC Report is coming hot on the heels of the government creating an Anti-fraud Unit domiciled at the Sacco Societies Regulatory Authority(…
By Geoffrey Njang’ombe The Co-operative Movement in Kenya has mobilized savings to the tune of Sh776 billion and commands an asset base of Sh1 Trillion. It has granted members loans to the tune of Sh742 billion. This is big achievements for our country and we will continue providing a conducive environment for the growth of…
Ali Noor Ismail The Co-operative movement in Kenya is rated first in Africa with over 22,000 registered co-operative societies commanding a membership of over 14 Million and employing more than 500,000 Kenyans directly and another 1.5 Million indirectly. Co-operatives in Kenya have mobilized members’ savings and deposits of over Sh 732 billion, with an asset base of…
By Jackson Okoth It is quite disheartening that after sacrificing all their life savings and pumping their hard earned cash into Moi University Sacco Society, culprits, swindlers and thieves who stole from this co-operative society have taken to the hills and walking freely, leaving a distraught, helpless and penniless members. What is still not clear…
By Josphat Irura IFRS 9 – Financial Instruments became effective on January 1, 2018 and immediately replaced IAS 39, Financial Instruments – Recognition and Measurement. It was meant to respond to criticisms that IAS 39 was too complex, inconsistent with the way entities managed their businesses and risks and that it deferred the recognition of…
As the era of fake news continues to unfold, Saccos have found themselves in precarious positions. In various social media platforms, some members have perfected the art of posting false alarms warning their counterparts of possible collapse of certain societies and urge them to withdraw their savings. This trend has been very costly within the…
I have keenly been following events in the Co-operative Movement for the last one decade and there is one question that has been bothering me; has rebranding of Saccos really been a gain or a double-edged sword for the industry? Most problems affecting many Saccos currently have pointed to the change of names and the…
A recent presidential directive that an anti-fraud police unit be set up within Sacco Societies Regulatory Authority (SASRA) can best be described as a stich in time for a sector that is already bleeding profusely due to the action of a network of financial fraudsters, hackers and unscrupulous insiders. While a growing number of DT…
By Fred Sitati Serious concern and apparent sense of hopelessness has been expressed by the Kajiado County leaders over the perennial drought that has continued to threaten the livelihoods of the resident s who are largely dependent on livestock keeping. The matter is further compounded by the infiltration of middlemen who buy farm produce cheaply…
