Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Saccos have increasingly become popular In Kenya acting as vehicles for financial inclusion and wealth creation. Saccos are member-owned financial organizations that provide affordable credit facilities to members. Interest rates charged on SACCO loans are generally lower than those offered by commercial banks, making SACCOs a better option for major investments in the country’s economy….
Bungoma county leaders have urged the youth in the region to embrace hass avocado farming as an alternative source of income. Speaking during the official opening of Sisi Village produce demonstration centre for hass avocado and bee keeping projects in Kanduyi constituency, area MP John Makali and his Bumula counterpart Jack Wamboka urged locals to…
Fish farmers from Kakamega County have called upon the government to recognize the county among the blue economy counties in the country. Led by Kakamega Fish Farmers Cooperative Chairman Laban Mwanzo, the farmers argued that the county hugely contributes to the growth of the already established blue economy counties by supplying, producing and packaging fish…
Kilifi County Cooperative Development department has registered 45 new cooperative societies. Speaking to Sacco Review in Kilifi town recently, County Cooperative Assistant Director James Mwasi revealed that 20 of the registered cooperatives are community Saccos, 14 are mining Saccos while 4 are boda boda Saccos. He revealed that plans are already underway to revive the giant…
Kilifi county government has so far set aside Ksh750 million for Wezesha Fund to enable the business communities boost their activities. Speaking during a public meeting at Misufini village, Mariakani MCA Martha Koki said that Wezesha Fund is a revolving Fund which is repaid without any interest. “Wezesha Fund, formerly Mbegu Fund, is actually meant…
Kaloleni Sub-County Cooperative Officer Evans Malombo has revealed that the 32 registered cooperative societies in the area have disbursed loans amounting to Ksh175,420,309. He noted that the cooperatives have mobilized a turnover of Ksh41,424,998 and share capital of Ksh19,387,684. “Sadly, only 18 cooperatives are active,” he lamented, noting further that membership currently stands at 2,158….
Tower Sacco recently held a Special General Meeting to review the Society’s performance in the past eight months and to present the budget for the next financial year. Sacco Chairman Peter Mainah Ngugi said the Sacco recorded increased membership to 216,382 by August 31, 2023 compared to 188,115 in the same period last year. During…
Intensive marketing and customer-friendly financial solutions have seen Saccos overtaking commercial banks in deposits and customer numbers. Experts have attributed this revolution to adherence to guidelines set by regulatory bodies, including the Central Bank of Kenya (CBK), attractive loan interest rates, quick processing of loans, and favourable returns through interest and end of year dividend…
Garissa County Director of Cooperatives Samuel Karanja has urged Saccos to rebrand and recruit more members as a move to increase their savings and cement their loan base. Speaking to Sacco Review newspaper in his Garissa office , Karanja noted that rebranding would enable the recruitment of members beyond Saccos’ geographical territories thus move towards…
A recent report by SASRA has revealed that Sacco accounts holding more than Ksh1 million stood at 92,000 by the end of 2022. This is a 29.6 per cent rise from about 71,000 accounts reported in 2021. The 92,000 accounts, an equivalent of 0.63 per cent of all the 14.52 million accounts, held Ksh163.3 billion…
