Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Our Reporter Saccos are among financial institutions that have defaulted on repayment of Youth Enterprise Development Funds (YEDF). National Assembly Special Funds Accounts committee led by South Imenti MP Kathuri Murungi has directed the fund’s CEO Josiah Moriasi to recover all the interests, penalties and full principal amounts. Appearing before the committee Moriasi said…
By Our Reporter Safaricom Sacco Chief Executive Officer Dr George Ochiri (pictured) has resigned. In a notice to members signed by Sacco Chairman Collins Ogutu and Vice-chairlady Josephine Ndambuki, Mrs Cynthia Naisisiae has been appointed the acting CEO. Naisisiae has been Safaricom Sacco’s General Manager. Ochiri had served the Sacco for seven years growing it…
By Munene Maina The National Coffee Co-operative Union (NACCU) has affirmed its support for Coffee Subsector Implementation Committee. In a press release, the union said it was fully behind the implementation committee led by Prof. Joseph Kieyah and supports the execution of all the eight pillars of the Presidential taskforce reforms report. It said the…
By Wesley Ken Having successfully attained the requisite asset base, Kimisitu Sacco Society is now officially in the tier one category of Saccos. To give its nod, the Sacco Society Regulatory Authority (SASRA) assesses the concentration risk of a DT-SACCO and its standing among its peer group in terms of total assets in order to…
By Munene Maina Deposit Taking Saccos will have to realign their books of account to meet new taxation requirements. The Sacco Societies Regulatory Authority (SASRA) has amended the Sacco Societies Deposit Levy. Subject to a maximum levy of Sh10 million per annum, deposit-taking Saccos will now have to comply with new rates in paying annual…
By Our Reporter Nairobi County leads the country in the number of highest savers in the cooperative sector, with the highest saver hitting Sh76 million, the county’s Cooperative Commissioner Dolphine Alemi has said. Speaking during Nyati Sacco Annual General Meeting recently, Alemi said Kenya is one of the leading countries in the world in cooperative…
By Kiptanui Rutto Mhasibu Sacco Chairperson Andrew Bulemi and Treasurer Charles Miricho have once again won the hearts of their members for being re-elected to office in a much hyped elections that attracted 10 contenders. Speaking during the event, a long serving financial coach Patrick Wameyo who was the guest speaker lauded the Sacco board…
By Tsozungu Kombe Sacco model through members’ savings should be used to source funds to incubate and grow agro-enterprises and boost value addition, Kenya Union of Savings and Credit Co-operatives Managing Director, Mr George Ototo, has said Speaking during the 3rd Annual Sacco Leaders Convention held at Sarova Whitesands Beach Hotel in Mombasa county recently,…
By Munene Maina Saccos are increasingly becoming easy targets for cybercrime, a situation that threatens reputational risk of the sector. The Permanent Secretary in the State Department of Co-operative, Ali Noor said cyber-attack was not new in the co-operative sector This followed revelation by Kenya Union of Savings and Credit Co-operatives Managing Director George Ototo…
By Staff Reporter Kenya Police Sacco Society’s financial performance continued to grow on a positive trajectory. According to the Sacco’s Financial Statement for the year ended December 31st 2017, overall asset base grew by 21 per cent, rising to Sh24.2 billion compared to Sh20 billion that was recorded in 2016. Member deposits grew to about…
