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