Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
In recent years, Kenya’s Savings and Credit Cooperatives (Saccos) have undergone a revolutionary transformation, thanks to the advent of internet banking. This technological leap has not only modernized financial services but has also brought about a myriad of benefits for Saccos. Traditionally, Sacco members had to navigate long queues within limited operating hours to access…
One major hindrance to efficient service delivery among Saccos in Kenya is delayed remittances from some employers. Unfortunately, delayed remittances happen despite the fact that under Section 35 of the Cooperative Societies Act, Cap 490, there are clear legal provisions intended to ensure recovery of delayed remittances upon expiry of seven (7) days of the…
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…
Retirement can mean leaving employment to pursue other interests or businesses. According to my personal analysis, upon retirement, 47 percent of retirees depend on relatives, 3 percent go back to working, 16 percent depend on state pension and only 34 percent have financial independence. Interestingly, 82 per cent of those with financial independence (the 34…
The exponential growth of some Saccos can aptly be attributed to their decision to open their common bonds to attract persons from outside their original catchment areas. Such moves are welcome as long as they are done in reasonable measures and do not compromise the quality of services offered to members as Saccos embark on…
One of the key reforms introduced in the judicial system by the 2010 constitution was the implementation of Alternative Dispute Resolution mechanisms (ADR), which aimed to settle disputes in various sectors, including cooperatives. During the era of the Cooperative Societies Act, 1966, I vividly recall how cooperative disputes were resolved through a process known as…
The best choice for the youth to achieve the much sought after financial empowerment is for them to join good Saccos. Offering young entrepreneurs admission into Saccos and other accelerators alleviates the risk and fear that comes with taking the leap into entrepreneurship alone. Enterpreneurhsip is an area where many youth have feasible ideas about…
Cooperatives today have become very important drivers of personal financial growth and the route to members’ economic empowerment. Since the first cooperative society was formed in Kenya and its subsequent success, both the private and public sectors embraced them as vehicles to financial breakthrough. Cooperatives must adopt the best policies, bylaws and strategies because good…
The fifth cooperative principle of education, training and information encourages Cooperative societies to hold education days through which members, stakeholders and the public are made to understand their operations. Staff training is an important strategy for any Sacco that wants to achieve its set goals. There might be a possibility that the staff hired in our…
The importance of Saccos as suitable vehicles for mobilising local savings and extending affordable credit to their members requires no belabouring. The impact of the Sacco movement on the country’s economy has over the years been hailed as significant and a success story in the region and beyond. Stories abound that some big Saccos are…
