Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Malachi Motano AMREF Sacco has adopted virtual board, staff and member education meetings to meet the Ministry of Health’s social distancing guidelines on Covid-19. The Sacco also introduced an editable loan and membership application forms and allowed members to submit electronic applications to ease engagement. It increased members loan limits to Sh150,000 from Sh70,000…
By Malachi Motano Shining Hope for Communities –SHOFCO is a Savings and Credit Cooperative Organisations (Sacco) in Nairobi city informal settlements of Kibera and Mathare. Since its establishment five years ago (August 15, 2015), the Sacco has built its membership base from only 10 members to over 4, 000 today out of which over 3,…
By Roy Hezron The Co-operative Sector Baseline Survey report released recently revealed that Nairobi County has the highest number of dormant co-operative societies in the country. A total of 5,723 co-operatives were found to be dormant with Nairobi having1,459, while Mombasa and Kisumu had 425 and 417 dormant co-operatives. The counties with the least number…
By Roy Hezron Cooperative societies raised a total of 13 million to the Co-operative Coronavirus Response Committee (CCRC) to fight the Covid-19 pandemic. The committee was constituted by the Department of Co-operatives to cushion vulnerable members in the co-operatives sector who were heavily affected by the pandemic. Speaking to Sacco Review, Commissioner for Co-operatives Mr….
By Jackson Okoth Safaricom Investment Co-operative has joined Ibuka, Nairobi Securities Exchange’s (NSE) premium incubation and acceleration programme for high growth companies in Kenya. The co-operative is joining the Accelerator Board of the programme following a rigorous evaluation and vetting process making it the 18th company to join the programme since its launch in December…
By James Wakahiu Land buying firms in Ruiru and Juja sub-counties have been directed by the Ministry of Land and Physical Planning to surrender their members register, mother title, maps and other related document so that the ministry can fast track issuance of title deeds. Ruiru Sub-County Deputy County Commissioner Geofrey Ithai said the move…
By Rosemil Oduor A member of the Kenyan Union of Savings and Credit Cooperatives (KUSCCO) Sylvester Kadzola received a Distinguished Service Award (DSA) for his exemplary service to the international credit union movement. He was presented with the honour during World Council of Credit Unions conference in The Bahamas. According to WOCCU Kadzola sat on…
Sacco paid dividends at 4% this year while interest on deposits at 5.5% this year. By Jackson Okoth A change in its executive suite, which saw the recruitment of a new Chief Executive Officer as well as Head of Finance, Investment and Strategy, combined with surgical spending cuts, is finally paying off for the giant…
By Munene Maina Delay in remittance of loan repayment deductions by the National and County governments is causing headache for Sacco bosses. This has seen the growth rate of non-performing loans (NPLs) for most Saccos derailing growth in their businesses. New Sacco Societies Regulatory Authority (SASRA) survey also indicated some governmental institutions particularly public universities,…
By Munene Maina A new body to set standards of training and hiring of co-operative employees has been launched. Staff members in all co-operative societies will now undergo thorough vetting to ensure they meet the requisite academic qualifications before they are allowed to serve. The outfit, made up of scholars and experienced co-operators, is also…
