Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
In recent years, Kenya’s Savings and Credit Cooperatives (Saccos) have undergone a revolutionary transformation, thanks to the advent of internet banking. This technological leap has not only modernized financial services but has also brought about a myriad of benefits for Saccos. Traditionally, Sacco members had to navigate long queues within limited operating hours to access…
One major hindrance to efficient service delivery among Saccos in Kenya is delayed remittances from some employers. Unfortunately, delayed remittances happen despite the fact that under Section 35 of the Cooperative Societies Act, Cap 490, there are clear legal provisions intended to ensure recovery of delayed remittances upon expiry of seven (7) days of the…
Ebusia Unity Sacco Ltd held elections for the Board of Management during the inaugural AGM held at Busia Agricultural Training Centre. Former Member of County Assembly for Namboboto/Nambuku Ward Hon Vincent Olumbe was elected chairman as Ashley Oundo, Nick Ajuma and Liz Wafula were elected vice chairperson, Secretary and treasurer respectively. Other board members elected were…
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…
