Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Kenya’s KCB Group posted a 15 per cent drop in pretax profit in 2023 to KSh48.5. Therefore, it announced it would not pay a dividend for the period in order to conserve capital. For the first time in 21 years, KCB Group shareholders will miss out on dividends after the bank reported a net profit to…
Kenya’s KCB Group has said it will sell its subsidiary National Bank of Kenya (NBK) to Nigeria’s Access Group. During an investor briefing on Wednesday March 30, the KCB’s Chief Executive Paul Russo, said the deal was struck at 1.25 times book value, but did not give the exact figure. He said, “The right thing to…
Absa Bank reported a net profit of KSh16.4 billion for 2023, up 12 per cent from the previous year thanks to rising revenues as a result of increased funding of core sectors fueling Kenya’s economic growth. READ ALSO: Jubilee Insurance scoops three awards in annual fete The firm’s board announced a 15 per cent increase…
Investors who bought land through a Thika based land firm, the Lesedi Developers Limited, have a reason to smile after the firm began issuing them with title deeds after years of wait. Following many days of court battles between the firm and investors over the former’s failure to issue them title deeds and alleged multiple…
Kenya Electricity Generating Company (KenGen) has reported a 9.2 per cent drop in net profit in first-half earnings compared with the same period a year earlier. The listed firm reported KSh2.96 billion in net profit for the six months to December 2023. This profit drop from the KSh3.26 billion reported in a similar period last…
The non-withdrawable depositing taking (NWDT) Savings and Credit Co-operatives (Saccos) shall now be required to pay annual regulatory fee to the country’s Sacco Regulator, the Sacco Society Regulatory Authority (SASRA) as they fully come under its purview. According to the November Legal Notice by Sasra the rate of the annual Sacco Societies Levy will be…
Ollin Sacco’s Chief Executive Officer (CEO) John Gathige has urged Kenyans to save in a Sacco in order to get better loans and avoid loan sharks who normally take advantage of their dire situation. Speaking during the Sacco’s 47th Annual General Meeting (AGM) which was held in Kutus Comprehensive Primary School grounds, Gathige stated that…
The Government through the Ministry of Labour and Social Protection has rolled out a free training programme dubbed ‘Finya Computer Itoe Dollar’ under the Ajira digital programme through the State Department for Labour and Skills Development. The Ministry has noted that the main aim of the training programme is to equip young people with the…
The Appeal Court has given orders barring an High Court ruling delivered in September last year which nullified the Banking (Credit Reference Bureau-CRB) Regulations 2020 pending the hearing and determination of the appeal case filed by the Central Bank of Kenya (CBK). The implication is that Saccos are now free to share members’ details with…
The Government through the Ministry of Agriculture and Livestock has developed robust measures through a recently developed policy which will ease access to fertilizer to all farmers in a bid to improve crop yield and solve the challenges farmers faced in the past. Through its Agricultural Soil Management Policy 2023, prepared by the State Department…
