Category: Uncategorized
Industry players call for co-ops ministry
By Malachi Motano Co-operatives industry players have the government to create a standalone ministry for the cooperatives sector was the case in previous years. Among them is the chairman of the Agriculture, Livestock, Fisheries and Cooperatives Senate Committee Njeru Ndwiga, who is a former Minister for Cooperatives. They say the sector requires a standalone ministry…
Government to borrow Ksh.1.5T in loans
By Malachi Motano The Government is set to borrow at least Ksh.1.5 trillion in the new financial year which will commence in According to final budget estimates tabled in Parliament last week, the new borrowing plan matches up to estimated loan financing in the current financial year running to June 30- Ksh.1.456 trillion. It had…
Sirisia residents urged to invest in Saccos
By Malachi Motano Members of Sirisia Sub County have been urged to invest their money in Co-operative Sacco’s to boost their lives economically. According to Kikai Rural Sacco Director Mr. Justus Wafula said people are facing tough economic constraints especially during this Covid-19 period due to lack of investment. “So many people have been visiting…
Virtual AGM with diaspora members
By Malachi Motano Kimisitu Sacco’s 2021 virtual Annual General Meeting (AGM) conducted in Nairobi attracted participation from 28 countries around the globe. A member calling all the way from Abidjan in Cote d’Ivoire in West Africa commended the Sacco for its technological advancement. “I am getting you very well from this end,” Tony from…
Mwaka leaves SASRA after major reforms
By Malachi Motano The Sacco Societies Regulatory Authority (SASRA) Board has appointed Peter Njuguna as the acting Chief Executive Officer following the exit of John Mwaka after the expiry of his term. Njuguna will be in charge of the institution until a substantive chief is recruited with the board promising to offer him the necessary…
How Saccos rewarded member dividends
By Malachi Motano Most Saccos rewarded members with favourable dividends in the 2019-2020 financial year despite the challenges posed by the Covd-19 pandemic. The Giant Mwalimu National Sacco (MNS) paid only interests on deposits to members at the rate of 9.3%, compared to 2019 when it paid the same at 10.2 and 11.2% dividends. Also…
Co-ops registration scuttled by Covid-19
By Sammy Chivanga The number of newly registered cooperative societies dropped nearly by a third in the 2019-2020 financial- year. A government report says Covid-19 disruptions made it difficult for applicants to submit required paperwork. A sector report shared by the State Department of Cooperatives (SDC) shows that new registrations dropped to 846 or 32%…
Fund will save Sh2bn Saccos pay banks
By Malachi Motano Savings and Credit Co-operative Societies (Saccos) will save close to Sh2.33 billion they pay as interest income on loans from commercial banks, thanks to the establishment of Central Liquidity Fund (CLF). The fund will save Saccos from getting lines of credit from commercial banks at high interest rates that cannot be supported…
Making housing schemes affordable, gov’t urged
By Kamundia Muriithi Owning a home is a dream that many Kenyans harbour, but few actualise it due to the associated high costs of constructing houses. In recent times, housing cooperatives have sprung up in different parts of the country to empower ambitious Kenyans acquire decent, modern houses through homeownership plans. Coupled with the government’s…
Virtual AGM with diaspora members
By Malachi Motano Kimisitu Sacco’s 2021 virtual Annual General Meeting (AGM) conducted in Nairobi attracted participation from 28 countries around the globe. A member calling all the way from Abidjan in Cote d’Ivoire in West Africa commended the Sacco for its technological advancement. “I am getting you very well from this end,” Tony from Abidjan—“Yes…