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End of an Era: Moi University Sacco placed under liquidation

Sacco ReviewSeptember 30, 202502 mins

Moi University Savings and Credit Society (MUSCO) has been placed under liquidation, with two officials appointed to oversee the process. The two officials to oversee the process are, Kennedy A. Emali, Nairobi Principal Cooperative Auditor, and Druscillah Jebet Cherogony, Uasin Gishu Principal Cooperative Officer who will serve as joint liquidators tasked with managing assets, raising…

35 SACCOs risk sanctions as SASRA heightens Anti-Money Laundering crackdown

Sacco ReviewSeptember 30, 202503 mins

Thirty-five savings and credit cooperatives (SACCOs) are staring at possible sanctions after failing to register with the Financial Reporting Centre (FRC) as required under new anti-money laundering regulations. This was revealed by SASRA adding that the stated saccos had not fully registered as reporting institutions mainly on the grounds that they had submitted incomplete applications,…

CS Oparanya bans use of loans to pay dividends to SACCO members

Sacco ReviewSeptember 28, 202504 mins

Cabinet Secretary for Co-operative and MSMEs, Wycliffe Oparanya has declared a suspension on new registrations and banned the use of loans to pay dividends to Sacco members. Speaking during the 34th Special General Meeting of Unaitas Sacco in Nairobi, CS Oparanya said the move is part of a stringent crackdown on poorly managed savings and…

Small-sized SACCOs to merge to enhance oversight, stability; CS Oparanya reveals

Sacco ReviewSeptember 28, 202504 mins

Small-sized Saccos with deposits of below Ksh 100 Million will be merged with the larger ones, this is in line with the Ministry of Co-operatives guidelines which aim to tighten supervision of thousands of co-operatives spread across the country with thin capital and deposit bases. Speaking during the Sacco Supervision Annual Report 2024, Co-operatives Cabinet…

Matatu SACCOs risk shut down as CS Oparanya orders for review

Sacco ReviewSeptember 25, 202505 mins

Cabinet Secretary (CS) for Co-operatives and MSMEs Development, Wycliffe Oparanya, has raised concerns over the misclassification of Transport Cooperatives as Savings and Credit Cooperative Societies (SACCOs), urging for a comprehensive review of their structure and regulatory oversight. Speaking during the official release of the Sacco Supervision Annual Report 2024, Oparanya noted that several entities operating…

CS Oparanya calls for strict oversight of audited SACCO accounts to boost accountability

Sacco ReviewSeptember 25, 202503 mins

The Co-operatives and MSMEs Development Cabinet Secretary, CS Wycliffe Oparanya have called for financial accountability, directing Sacco Societies Regulatory Authority (SASRA) and the Commissioner of Cooperatives to enforce strict oversight of audited SACCO accounts. Speaking during the SACCO Supervision Annual Report 2024 launch in Nairobi, CS Oparanya said such reforms is aimed at tightening financial…

Kenya’s SACCO sector surges past Ksh 1 trillion, CS Oparanya reveals

Sacco ReviewSeptember 25, 202507 mins

In a resounding affirmation of the cooperative movement’s vitality, Kenya’s Savings and Credit Cooperative Organizations (SACCOs) have shattered the Ksh 1 trillion barrier in total assets, cementing their status as a cornerstone of the nation’s financial ecosystem. The landmark achievement was unveiled by Cabinet Secretary for Cooperatives and Micro, Small, and Medium Enterprises (MSMEs), Wycliffe…

CS Kagwe launches Orthodox Tea Trading Window to boost export and production

Sacco ReviewSeptember 24, 202505 mins

Agriculture and Livestock Development Cabinet Secretary, (CS)Mutahi Kagwe has officially launched the Orthodox Tea Trading Window at the Mombasa Tea Auction, signifying the Government’s commitment to enhancing the production and export of specialty teas. The 2,925 packages, which are equivalent to 91,798 kilos of Orthodox tea is the first of many that will see tea…

CBK orders Banks and SACCOs to comply with new cyber security guidelines

Sacco ReviewSeptember 22, 202504 mins

The Central Bank of Kenya (CBK) has ordered banks and Savings And Credit Cooperative Organisations (SACCOs) to comply with new guidelines on cyber security that mandate stricter protection for financial systems in order to protect themselves against cyber insecurities. To support this, the CBK has established the Banking Sector Cybersecurity Operations Centre (BS-SOC), a hub…

KETSA calls for AI integration into SACCO operations for stronger digital governance

Sacco ReviewSeptember 19, 202508 mins

The Kenya Teachers’ Sacco Association (KETSA) has called the integration of Artificial Intelligence, (AI) into Sacco operations to strengthen digital governance and simplifies services. Speaking during the sixth annual CEO workshop in Mombasa, the forum’s Chair Joyce Ndegwa highlighted the urgency of adapting to technological shifts, strengthening Sacco member services, and innovative collaboration within the…