Top News - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

Safaricom Investment Co-operative has new CEO, Churchill Winstones appointed

Sacco ReviewMay 8, 2024May 8, 202403 mins

Churchil Winstones Ochieng’ is the new Chief Executive Officer (CEO) of the Safaricom Investment Co-operative. Churchil who was appointed by the board to his new position was termed to be a person of vast leadership experience spanning for over 25 years in cash flow management, corporate development and brand management, product development, financial management, planning…

CS Chelugui appoints 15-member new interim board at KUSCCO

Sacco ReviewMay 7, 2024May 8, 202404 mins

Ministry of Co-operatives & Micro, Small and Medium Enterprises Cabinet Secretary Simon Chelugui has appointed a new interim committee to run Kenya Union of Savings and Credit Cooperative (KUSCCO) after dissolving the previous board following mismanagement of funds allegations. In a statement by the Ministry the 15-member interim Board will be chaired by David Mategwa…

KUSCCO Board of Directors dismissed over alleged mismanagement of funds

Sacco ReviewMay 6, 2024May 6, 202402 mins

Cabinet Secretary for Cooperatives and MSMEs Simon Chelugui announces dismissal of Kenya Union of Savings and Credit Union (KUSCCO) Board of Directors over financial impropriety. CS Chelugui says the Board made inappropriate decisions. “Preliminary findings indicate systemic deficiencies in the management of resources, including, high cash withdrawals out of character with expected operations – Kshs…

State allocates KSh5 billion to Hustler Fund in 2024-2025 budget

Sacco ReviewMay 6, 202402 mins

The State has allocated KSh5 billion for the Hustler Fund in the 2024/2025 budget. The fund, managed by the Cooperatives department is aimed at providing cheap mobile loans to Kenyans. In the present financial year, the Government had allocated KSh10 billion towards the same but it was trimmed in the first supplementary budget. READ ALSO:…

MPs to kick off nationwide public hearings on Cooperatives Bill next week

Sacco ReviewMay 4, 202403 mins

The National Assembly has announced dates for of public hearings on the Cooperatives Bill 2024, (National Assembly Bill No. 7 of 2024) urging members of the public to turn out to give views. Hearings will take place in 8 counties on May 7-11, 2024. On May 7, 2024 hearings will hold in Siaya at IEBC…

NTSA cancels licenses of 64 PSV Saccos

Sacco ReviewMay 3, 2024May 3, 202402 mins

The National Transport and Safety Authority (NTSA) has revoked licences belonging to 64 matatu Saccos. In a notice seen by Sacco Review, some of the operator licenses revoked include Moline, Wamasaa, Oromats, Kensilver and Mbukinya. The police have also been advised to impound their vehicles if found on the road. READ ALSO: Farmers asked to…

Delay by counties to remit staff contributions hampering smooth operations of Saccos

Sacco ReviewMay 2, 2024May 2, 202403 mins

The delays and sometime failure by counties to remit deductions to Saccos has hampered their smooth running and even risking liquidity. Saccos now say that employer institutions’ failure to honour their obligations of remitting Sacco deductions affects the financial performance of these firms, despite various policy and administrative measures being put in place to address…

Lands Committee wants Cooperatives Ministry to intervene over liquidation of Drumvale Sacco

Sacco ReviewMay 2, 2024May 2, 202405 mins

The Departmental Committee on Lands has put to task Ministry of Cooperatives officials in connection with the liquidated Drumvale Farmers Cooperative Society. The parliamentarians questioned the Principal Secretary for Cooperative Development Patrick Kilemi on events leading to the liquidation of assets of the Machakos based Cooperative Society that saw members losing over 500 acres of…

Nandi Saccos urged to develop products favourable to farmers to boost food security

Sacco ReviewApril 29, 2024April 29, 202404 mins

Nandi Deputy Governor Yulita Mitei has urged Saccos to develop products that are favourable to farmers to boost food security. Speaking at Kapsabet Showground during a two-day business trade exhibition organized by Kapsabet Showground in conjunction with Nandi County Government, Dr Mitei said the county administration has invested heavily in the agriculture sector calling on…

50 new cooperative societies registered in Taita Taveta

Sacco ReviewApril 29, 2024April 29, 202402 mins

Some 50 new cooperative societies have been registered in Taita Taveta County, Sacco Review has established. Speaking to Sacco Review in Voi town recently, County Cooperative Commissioner Erastus Gonzi said that the 50 new cooperatives were registered between September last year and early April this year. He further stated that 10 dormant cooperative societies in…