Category: Uncategorized
Water vendors prosper through Sacco
By Martin Ruto Life was bleak for Erickson Omwamba when he discontinued his pursuit for secondary school education due to lack of fees. His parents left Nyanchwa area, Kisii County in in 1989 in search for greener pastures and settled in Saboti, Trans-Nzoia County where Erickson completed his class eight education. “I studied at Nyanchwa…
Cash-strapped Wevarsity Sacco replaces entire board
By DOUGLAS DINDI Cash-strapped Kakamega based Wevarsity Sacco has replaced the entire board of directors in a recent elections held despite Covid-19 protocols. About four hundred members gathered at the Masinde Muliro University of Science and Technology Annex Grounds to vote out the executive committee comprising Jason Nganyi (Chairman), Agatha Mbakaya (Vice chair), Rita Shitemi…
Milestones in co-operatives from last year
The cooperative sector in Kenya celebrates several milestones recorded in the last one year despite many factors that challenged the economic environment including drought, locust outbreaks crowned by Covid -19 pandemic. Cooperative Commissioner Geoffrey Njang’ombe gave the exclusive highlights to Sacco Review as the country join the rest in the world in marking the international…
KMRC disbursed Sh2.75bn for home loans in 2020
By Malachi Motano The Kenya Mortgage Refinancing Company (KMRC) disbursed Sh2.75 billion in 2020 to participating primary mortgage lenders (PMLs) in its debut lending since it was established. “That amount was part of Sh4.5 billion mortgage loan portfolios available for immediate refinancing to participating financial institutions. We (KMRC) are drawing down funds from both the…
Sh.5M released to miraa Sacco
By John Majau The County Government of Meru has allocated Sh5 million to Nyambene Miraa Sacco to be loaned out to more than 3800 members across Igembe and Tigania regions. Deputy Governor Ntuchiu said the move is meant to cushion Miraa farmers from adverse effects of closure of their market in Somalia and the COVID-19…
Nyeri Sacco targets Laikipia farmers in its growth agenda
By Our Reporter Nyeri based NewFortis Sacco has trained its eyes on farmers and pastoralists in Laikipia County in a bid to deliver banking services to them and enhancing food security in the semi-arid region. NewFortis Chairman John Githinji said the Sacco was partnering with agricultural officers and other key players in the agricultural sector…
Sacco reaches out for savers in Marsabit and Moyale
By Sammy Chivanga Trans-Nation (TN) Sacco beat the Covid-19 odds to open new satellite offices in Marsabit and Moyale. The Sacco management said the decision to quickly formulate strategies to navigate the Covid-19 turbulence helped cushion members and also help the Sacco to grow. “The offices are doing very well and we intend to venture…
PSV Saccos to become coops
By Malachi Motano The State Department of Cooperatives (SDC) is in the final stages transforming passenger transport Saccos into cooperatives. The Commissioner of Cooperatives Geoffrey Njangombe, says the process is now only awaiting stakeholder’s sensitization. Draft by-laws to ensure realization of the transformation and rebranding from PSV Sacco to Trans-coop have already been published. The…
Adopt technology or be doomed, Saccos told
By Malachi Motano Saving and Credit Cooperative Societies (Sacco) leaders must counter the fear of redundancy that is slowing the adoption of technology in their institutions. The Head of information Technology (IT) at Boresha Sacco Winnie Sergon says it is only through adoption of technology that they can compete effectively in the financial sector. “It…
Loan defaults hit guarantors hard
By Sammy Chivanga Just as the name suggests, Savings and Credit Co-Operative Societies (Saccos) are about members cooperating to create a pool of savings from which to borrow for growth. The Sacco movement in Kenya is founded on trust because people mobilise money and take loans at attractive interest rates to achieve their dreams. But…
