Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
All Cooperatives will in future become federations and subscribe to an apex body, Kenya Union of Savings and Credit Cooperatives (KUSCCO) Group Managing Director George Ototo has hinted. A restructured Cooperative sector will ensure sustainability and viability as it will solely depend on the subscription of the cooperative members. “The economic participation of our business…
Ports Sacco, formerly Mombasa Port Sacco, has opened a new branch in Nairobi at the Inland Container Depot (ICD) in Embakasi as it targets to reach more customers. The microfinance institution has plans to expand to all the 47 counties in Kenya as part of its commitment to resolve and adapt to meeting the changing…
Cooperative sector practitioners have expressed concerns over the manner in which Saccos and cooperatives are declaring dividends and interest on deposits, as well as honoraria payments. Through Kenya Society of Professional Co-operators (KSPC), the practitioners observed that there are a lot of malpractices among cooperatives in the way dividends, interest on deposits and honoraria are…
Nairobi county Governor Johnson Sakaja has said his administration is currently reviewing the County Cooperative Act to incorporate a hustler Sacco that will bring on board all small scale traders in Nairobi. “We are reviewing our policy so that we can have the first hustler Sacco in Nairobi County so that small scale traders, hawkers and hustlers can…
Nafasi DT Sacco recently rebranded from Nafaka Sacco so as to open up the market through new products which target various sectors of the economy. Speaking during the rebranding and opening of the Sacco’s first branch at Shujaa Mall in Kayole, Sacco chairman Koech Mwerey said the new branch is a great milestone for the…
Mwalimu National Sacco in partnership with Kenya Mortgage Refinancing Company (KMRC) has unveiled low mortgage loan facilities to give affordable housing to members. The Sacco, which is Africa’s largest Sacco by assets, unveiled the affordable housing loan products at Mwalimu National Towers in Upper hill in a colourful event graced by Simon Chelugui, Cabinet Secretary…
By Roy Hezron Nairobi City County is planning to allocate Ksh 866.7 million over the next five years to the state department of cooperatives to be used for cooperative development and audit. The move is also to facilitate the growth of a vibrant cooperative movement with financially strong and well managed cooperatives in the…
By Roy Hezron Nairobi County Governor Johnson Sakaja is planning to allocate Ksh 4 billion to the Business and Hustler Opportunities sector over the next five years. A huge chunk of the amount will be allocated for cheap credit and business financing. According to the County’s draft of the 2023-2027 Integrated Development Plan, the proposed…
By Felix Wanderi Co-operative Bank board of directors has recommended a dividend of Ksh 1.50 per share, subject to approval by the regulators and shareholders. Co-op Bank Group CEO Gideon Muriuki said the proposed dividends represent a 50 per cent increase on the Ksh 1.00 per share paid out last year. He added that the bank will pay out a…
By Agnes Orang’o Komarock Housing Cooperative Society members have been urged to avoid unnecessary land sales and instead invest on the lands to secure their future. Speaking to members during one of the society’s meetings, the society’s chairman Bernard Maembe expressed concern over the increased land sales. “Most of you inherited your land from your…
