Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Bernard Matumbai Co-operative Bank of Kenya’s net income jumped by 53 percent to a record Sh16.5 billion in the year ended December 2021 from Sh10.8 billion in the previous term, something that was attributable to higher interest income, investment in government and reduced expenses. The bank recorded a 59 percent surge in pre-tax profit…
By Enock Kipturgut The County Government of Baringo has launched incubators and backup generators worth Shs 3 million to benefit nine co-operative societies drawn from Kabarnet Ward. The move is aimed at enhancing poultry production. One incubator accommodates 1056 eggs per hatchery. The benefitting cooperative societies include Soramoi, Kimoso, Seguton, Kiboino, Kapchepterit, Kokwomoi, Kaperterot, Jekame…
By Andrew Walyaula waliaulaandrew0@gmail.com Lenders in Kenya have gradually adopted the risk lending based mechanism, a move that has led to the rise of credit rating uptake. The Credit Reference Bureau (CRB) Regulation 2020 mandates lenders to use a customer’s credit score when appraising a credit application. Metropol CRB General Managing Director Sam Omukoko urged…
By Isaac Biwott The Trans Elite County Teacher’s Savings and Credit Cooperative Society in Nandi County is back to its former glory after settling an off-shore loan owed to Oikocredit International. The International micro-finance company of the Netherlands had been approached by the then Nandi teachers Sacco seeking a loan of Sh65 million in a…
By Our Reporter Despite the stellar performance of the Deposit Taking (DT) Saccos during the troubled 2020 financial year, Sacco regulator SASRA blames perennial delays in remittances of statutory deductions for topping the list of un-warranted challenges that hamper the growth and development of the societies. According to the SASRA’s 2020 Sacco supervisory annual report,…
By Boniface Mulu A teaching expert, Stephen Munyoki Kioko was laid to rest on Saturday, September 18, 2021 at his Mulundini Village home in Mutuni, Kitui County. Kioko, who started his career in 1957, died of diabetes and hypertension complications on Saturday, September 11, 2021, aged 85. The late was born on January 21,…
Vitalis Peter Lukiri, the long-serving National Chairman of Afya Sacco has died. Family sources told Sacco Review that he passed on at Nairobi Hospital on Wednesday night after a short illness. He will be remembered for steering the Sacco to become one of the leading Tier 1 co-operative societies in the country. The late Lukiri…
By Sammy Chivanga The number of dormant members in the Savings and Credit Cooperative Societies (Sacco) has risen by 79.55 percent to 1.37 million on increased job cuts and delayed salaries from struggling entities. The increase in dormant membership is the fastest in recent years and came on the back of economic fallout that hit…
Fredrick Odiero The Kisumu County Government has called upon youths who are engaged in various enterprises to form Savings and Credit Cooperative Societies (Saccos) in order to advance their activities. The Director of Co-operatives, Trade and Enterprise Susan Kanga said Saccos when formed will ensure youths borrow credit and other facilities from the government. Addressing youth…
By John Majau Security agencies in Meru County have raised an alarm after three coffee factories lost more than 360 bags of coffee valued at Sh5.8 million in the last six months. Police now suspect insiders could be colluding with criminals to have the coffee stolen. This is because most of the incidents are said…
