Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
A Sacco is a member-owned financial cooperative society whose purpose is to pool savings from members and use the funds to provide them with affordable credits. The process of acquiring loans has been simplified and digitized in many Saccos through mobile banking, a process that has made the loans easily accessible to members. Saccos offer…
As cooperators troop to various venues across the country to celebrate the International Day for Cooperatives, commonly known as Ushirika Day locally, it’s important to look at what the day means for players in this industry. Ushirika day 2023 has a unique theme of Cooperatives: Partners For Accelerated Sustainable Development. The theme attempts to reflect…
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, it is now absolutely necessary for new…
The emergence of the Covid-19 pandemic three years ago compelled most Saccos to adopt technology so as to continue serving their members even as they iterated around new ways to survive and thrive. Digital consumption was at its all-time highest during the pandemic. Technology aided a number of operations in many industries across the world…
Cooperatives today have become very important drivers of personal financial growth and the route to member’s economic empowerment. Since the first cooperative society was formed in Kenya and its subsequent success, both the private and public sectors embraced cooperatives as vehicles to financial breakthrough. Cooperatives must adopt the best policies, bylaws and strategies because good…
The National Cooperative Policy that has since transmuted into Sessional Paper No 4 of 2020 advocates for, among other things, the adoption of self-regulation by the cooperative sector as it grapples to find its space in the highly competitive business environment. Self-regulation is intended to create a paradigm shift in the manner cooperative management is…
Leaders in any organization should be smart and sensitive to reward staff positive qualities. This behaviour spurs growth because people are motivated to work. Let us look at some things that invite recognition. The first one is positive attitude. No matter how smart or gifted a person is, if the attitude is not right, they…
Good corporate governance is a system by which an organization is directed, controlled and held accountable by its shareholders and stakeholders. In this case, good corporate governance goes beyond compliance with basic legal requirements. It provides a framework on which a culture of business integrity, accountability and standardized best business practices are established. The Sacco…
Many Saccos have embraced Corporate Social Responsibility (CSR) which entails operating in an ethical and sustainable way and dealing with environmental and social impacts. This means a careful consideration of human rights, the community, environment, and society in which it operates. It’s incredibly important that a cooperative society operates in a way that demonstrates social…
The second phase of the much awaited Hustler Fund aimed at helping small business owners access startup capital is finally out. The fund is also meant to establish a saving culture as well as encourage investments and social security among other benefits to Kenyans. The terms and conditions have been greatly simplified to meet the…
