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

Co-op Bank emerges overall winner in banking survey

Sacco ReviewApril 16, 2024April 16, 202403 mins

Cooperative Bank was named Overall Winner of the recently conducted Banking Industry Customer Satisfaction Survey conducted by the Kenya Bankers’ Association (KBA), which also declared it the winner in the Tier One Bank Category. This is the second consecutive win, having also won the overall title for year 2022. The survey was conducted by interviewing…

Saccos set for KSh5.7 billion dividend bonanza from Co-op Bank’s KSh32 billion profit haul

Sacco ReviewApril 16, 2024April 16, 202405 mins

Savings and Credit Co-operatives (Saccos) will this year receive Ksh5.7 billion in dividend after Co-operative Bank of Kenya announced profit before tax of Ksh32.4 billion for Full Year 2023 as it prepare to have its virtual Annual General Meeting (AGM) on May 17, 2024. This will be the same level of dividend paid to Saccos…

KUSCCO warns Saccos against declaring unrealistically high dividends

Sacco ReviewApril 16, 2024April 16, 202405 mins

The country’s Sacco umbrella body, Kenya Union of Savings and Credit Co-operative (KUSCCO), has warned the entities against declaring unrealistic dividend payouts in a bid to retain membership. Speaking during Imarika Sacco’s Annual Delegates Meeting (ADM) in early March at Travellers Beach Hotel in Mombasa, KUSCCO Acting Managing Director Arnold Munene noted that it is…

Windfall for Sacco members as huge dividends, rebates are paid in 2024

Sacco ReviewApril 16, 202405 mins

It is a windfall season for active members of Saccos as their societies announce surprisingly high dividends at their Annual General Meetings (AGM) even as the multi-billion sub-sector employs different strategies to improve their services. The high dividend payments, which have given tidy returns to shareholders, come as a relief as they will be crucial…

Study finds only 20 per cent of women are saving for retirement

Sacco ReviewApril 15, 2024April 15, 202406 mins

Old Mutual has launched its latest Financial Services Monitor, which offers invaluable insights into the financial behaviours and attitudes of Kenyans, with a particular focus on women. Old Mutual Women’s Network Patron Anne Nyamu said the second edition of the Old Mutual Financial Services Monitor (OMFSM) provides a comprehensive analysis of the Kenyan economy, highlighting…

Ndege Chai Sacco targets youth recruitment for sustainability

Sacco ReviewApril 11, 2024April 11, 202406 mins

Ndege Chai Sacco has doubled marketing efforts to attract more youthful members to the society. The Chairman Supervisory Paul K.Mutai told delegates that there was need to focus marketing efforts towards the younger generation to ensure sustainability of the Sacco adding, “as the economy improves opening up opportunities for employment and business for the youth,…

Equity Bank's Chief Executive Officer James Mwangi addresses investors at the Equity Bank headquarters recently. Photo/Courtesy

Equity Group posts 13 per cent slide in 2023 pretax profit

Sacco ReviewMarch 28, 2024March 30, 202401 mins

Kenyan lender Equity Group reported a 13 per cent fall in 2023 pretax profit to KSh51.9 billion, weighed down by a surge in provisions for bad debts, the firm announced on Wednesday March 27. Equity is East African country’s top lender by earnings. READ ALSO: Capital Sacco launches promotion to reward members purchasing shares The firm…

KCB shareholders get zero dividends as profit declines

Sacco ReviewMarch 22, 2024March 27, 202402 mins

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…

KCB to sell National Bank of Kenya

Sacco ReviewMarch 22, 2024March 22, 202402 mins

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 raises dividends after strong 2023

Sacco ReviewMarch 20, 2024March 21, 202402 mins

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…