Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Sacco leaders are expressing mixed reactions to the regulator’s call for mergers as deposits get skewed towards large entities. While leaders of various Saccos support the proposal by the Sacco Societies Regulatory Authority (SASRA) that Saccos should consider merging to avoid collapsing, they are calling for caution.Traditionally, Saccos have opted for organic growth, with mergers…
The Commissioner of Cooperatives David Obonyo has warned management of Saccos against diverting members’ deposits to non-core businesses. He expressed concern over the rate at which some Saccos were investing members’ funds in projects such as land buying. “Do not engage in non-core businesses at expense of members’ funds,” he cautioned. The commissioner said stern…
Saccos have moved into a second wave of rebranding, in an apparently new order that is adding the words DT Saccos (Deposit Taking-Saccos) on their names. What is the rationale of this craze? How does this change of identity impact in the industry? Is it a way of DT Saccos delinking with other societies such…
The government has identified cooperatives as the vehicle through which it will achieve its transformational objective of improving lives and promoting economic growth. Cooperatives Cabinet Secretary (CS) Simon Chelugui said the national transformation agenda will focus on several key areas such as food security, financial inclusion, nutrition, infrastructure, production, education, healthcare and economic development. He…
If a draft Bill by the Kenya Society of Professional Cooperators (KSPC) is passed into law, no person will be allowed to practice or provide cooperative services unless they have been issued with a valid practising certificate by KSPC. According to the draft law, a copy of which Sacco Review has seen, KSPC will be…
Saccos are dragging their feet on diversifying their investments into new areas such as health and education as the high demand for loans among members puts pressure on their wallets. Many Kenyan Saccos are stuck on the primary objective of enabling members to save regularly so as to create a pool of funds from where…
Employer based Saccos must now adopt alternative methods to generate income and remain afloat even during difficult economic times rather than relying on the unreliable employers who might remit their employees deduction at their own volition, leaving the societies at the verge of collapse when they cannot support their operations. “Non -remittance of the dues…
The proposed Co-operative bill will see the transformation of Co-operatives in the country into a four-tier structure of primary, secondary, co-operative federations and apex co-operatives. According to the Draft Co-operatives Societies Act 2021, Primary Co-operatives, which may admit into its membership a corporate or an unincorporated person, shall include producer, housing, Saccos, savings and investment,…
Cooperative movement stakeholders are gearing up to celebrate the 101st International Day of Cooperatives (Ushirika Day) on July 1, 2023 at the Kenyatta International Convention Centre (KICC). The event which is themed “Cooperatives for Sustainable Development” will be graced by President William Ruto as the chief guest. Since 1923, cooperatives from around the world have…
Stakeholders in the cooperative movement aired the major challenges facing the movement to Cooperatives & MSMEs CS Simon Chelugui and PS Patrick Kilemi. National Cooperative Housing Union (NACHU) National Chairman Francis Kamande lamented about the few housing units in the country. He revealed that Kenyan urban centres need about 2,500,000 housing units but there are…
