Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
During this year’s National Cooperatives CEO’s Workshop in Mombasa organized by the Co-operative Bank, the Sacco heads decried lack of adequate information about SMEs as a hindrance to getting loans as their inability to keep records pushed them away from investing. In addition, most SMEs have a poor saving culture, denying them the banking history…
The Cooperative Bill 2020 is set to be amended and realigned to the Kenya Kwanza administration’s bottom-up economic model, Cooperative Alliance of Kenya (CAK) Executive Director Daniel Marube has said. He said the draft law will be taken to the Cabinet for approval and later tabled before Parliament for debate. Once passed, Marube said the…
SASRA is finalizing the guidelines that will standardize member complaints management, which will be applied across the Sacco sub-sector which is under the regulation of the Authority. The proposed Guidelines on Complaints Management by Sacco Societies, which were subjected to public and stakeholders’ comments and feedback for 15 days running from March 3, 2023, to…
Cooperatives Cabinet Secretary (CS) Simon Chelugui has urged the government to invest wisely in the cooperative sector to generate revenue and improve the country’s economy. The CS said about 63 percent of Kenyans rely on and benefit directly or indirectly from the Cooperative sector, hence good investments in the sector can generate revenue and reduce…
Sacco Society Regulatory Authority (SASRA) has set minimum requirements for engagement of third-party financial system integrators (vendors) that provide their financial services to Saccos in a bid to deal with cyber-attacks related to third parties.In a letter dated June 6, 2023 addressed to chief executives (CEOs) of the regulated Sacco societies, SASRA CEO Peter Njuguna…
Kenya Union of Savings and Credit Cooperatives (KUSCCO) Advocacy Manager Mercy Njeru has urged the government to allow only the official regulator to audit Saccos in the country for improved efficiency, transparency and confidence among cooperative societies. Njeru said currently there are many state agencies competing to audit Saccos, raising suspicion among Saccos to the…
President William Ruto has reiterated that the national government is keen on supporting cooperative societies to improve the economy of the country.Speaking during the 101st Ushirika Day Celebrations at the Kenyatta International Convention Centre, the president said the government will work with cooperatives to improve livelihood of Kenyans.“My administration understands the importance of cooperatives. That…
The government is negotiating with banking institutions to streamline their lending packages to accommodate Small and Medium Enterprises(SMEs), which are thought to be the pillar of the country’s future economy. Cooperatives Cabinet Secretary Simon Chelugui said the government was consulting with banks to restructure and be more attractive to small and medium enterprises. Chelugui was…
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…
