Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Over the years, Saccos have emerged as the new frontier of development in Kenya. With their flexible financial solutions, the institutions are transforming the lives of ordinary citizens by providing them with access to credit and savings facilities. As of 2021, there were over 15,000 registered Saccos in Kenya with a total membership of over…
Personal finance refers to a financial management process which an individual or a family unit engages in to budget, save and spend financial resources over a given period of time considering various financial risks and future life events and expectations. Financial experts argue that personal finance literacy is critical to help an individual make rational…
Products and services are the lifeblood of Saccos hence investing in them is crucial to business growth and profitability. Saccos most often come up with new products due to changes in member preference, increasing competition, advances in technology or to capitalize on new opportunities. Innovative cooperatives thrive by understanding their members’ wants, making smart product…
Saccos were formed through the spirit of togetherness, mutual support, and pooling of resources together for the good of all members. These virtues were later adopted by international cooperative alliances to form part of the virtues of every cooperative society. The virtues ensured the formation of great cooperative movements. The fruits of the cooperative movement…
That cooperatives are member-based, member-owned and member controlled enterprises is not in dispute. It is an established norm that cooperatives globally are guided by the seven universally accepted cooperative principles and driven by values that aim to professionalise management of their affairs for the benefit of members. Universal cooperative principle no. 2 is on “democratic…
Most Saccos hold their Annual Delegates Meetings (ADMs) within the first four months of the year. As a delegate of a Sacco, it’s important to attend and participate in the ADM to stay informed about the financial and operational performance of the organization. To make the most of your ADM attendance, it’s a good idea…
Saccos have emerged as a vital force in Kenya, making a significant positive impact on communities. With their roots in the cooperative movement, Saccos have evolved into inclusive financial institutions that cater for diverse sectors, including agriculture and technology. Beyond financial services, Saccos also contribute to women empowerment and sustainable development. In a country where…
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…
