Category: Uncategorized
Committee to lobby more funds for industry
By Dennis Bett The National Assembly Trade, Industrialization and Cooperatives Committee will push for allocation of more money to industries. The MPs said support should be accorded to the manufacturing sector and more so cooperative societies including ailing Sacco’s for the country to attain industrialization. The team led by Vice chairperson Oundo Wilberforce Ojiambo spoke…
Traders appeal for modern market
By Domnic Maraga Traders at Joska market in Mavoko have urged the Machakos county government to build for them a modern market. Local traders mostly operate small food stalls at the market while those who travel from other areas like Nairobi, Kajiado and Kitui sell farm produce. They say the current situation at Joska market…
Saccos must meet new rules June deadline
By Malachi Motano The Sacco Societies Regulatory Authority (Sasra) says Non-Deposit-Taking Business (NDTB must meet the new Sacco Societies regulations before the 2020June 30, 2021 deadline. The Sasra acting Chief Executive Officer Peter Njuguna ruled out any extension, warning that non-compliant Saccos will be black listed. “We have warned members of the public against dealing with…
Sacco Diary
Daniel Masha exits Imarika Sacco Imarika, a progressive Sacco that posts good performance gets new Chief Executive Officer (CEO) after the retirement of Daniel Masha who has been at the helm of the Sacco for the last 29 years (since 1992). He is succeeded now by George Yongo Ngala who was previously his deputy. Yongo…
Cane farmers union defends field officers
By Andanje Wakhungu The Kenya Union of Sugar Plantation and Allied Workers Union (KUSPAWU) has defended field officers on claims that they are corruptly issuing cane harvesting permits. The workers union said the public outcry and bribery claims by farmers over the issuance of cane harvesting permits are malicious. “It is the farmers who are…
Tight laws will curb non-remittance
By Sammy Chivanga Outstanding remittances to Saccos from employers have exposed the sector to a myriad of challenges with many of them operating in financial depression. The piling up of outstanding deposits has put the sector in liquidity strains with no redress because the entities involved have gone scot free. Firms drawn from both the…
Survey reveals that women are locked out of Sacco management in Kenya
By Malachi Motano The latest report by the Saccos Regulatory Authority (Sasra) indicates that women have been locked out of Sacco management in Kenya. According to the report, men dominated all other key positions including vice chairpersons, secretary and treasurer in the Saccos that handle deposits amounting to Sh380.4 billion and Sh 419.55 billion in…
Central bank on the spot as Sacco bank loses big
By Malachi Motano Spire Bank, wholly owned by Mwalimu National Sacco, now faces a crucial quest for new capital because its losses have seen it breach all the minimum capital adequacy ratios by large margins. The bank continues to make bigger losses, that swept away its capital in the 2020 financial, leaving it with a…
Fortune Sacco goes third as Shabana flatter to deceit
By Malachi Motano Tittle hopeful Fortune Sacco FC beats Shabana FC 1-0 at the Awendo Green Stadium on Sunday in a game where the national Super League giant Shabana team failed to convert a myriad of opportunities created. Shabana skipper Fred Nyakundi “Malouda” is concerned his team’s promotion dreams may fizzle out if they can’t…
County launches post-Covid recovery strategy
By John Majau Small businesses are set to benefit from affordable low interest loans under a post-Covid-19 recovery strategy that was launched by the Meru County government recently. Meru Governor Kiraitu Murungi said small holder businesses will access loans ranging from Sh2000 to 30,000 through mobile app dubbed ‘Sacco-Benki’. He was speaking at an event…
