Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
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…
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…
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%…
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…
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…
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…
By Sammy Chivanga Savings and Credit Cooperative Societies (SACCOs) will get a Sh3.79 billion dividend cheque from Cooperative Bank of Kenya, giving them a major liquidity boost in Covid-19 environment. The pay-out, set for mid-April, comes after Co-op Bank board defied the prevailing dividend freezes and cuts in corporate Kenya to declare Sh5.86 billion dividend…
By Malachi Motano The war against post-harvest loss seemingly may soon have a major victory with your help, as more simple and cost-effective measures continue to be adopted in the value chain. I learned of jerrycan bean storage technology that is gaining popularity in Kenya courtesy of the Feed the Future Scientific Animations Without Borders…
By Malachi Motano The Kenya National Police Deposit Taking (DT) Sacco is projecting a 28 per cent growth in clients and assets in the current financial year. According to the Sacco Chairman David Mategwa, the Sacco plans to expand its asset base to Kshs. 50 Billion after he announced an impressive Sh39 Billion for last…
By Malachi Motano Kakamega based Invest and Grow (IG) Sacco disbursed Kshs. 1.1 billion last year in the 2020 financial year to raise the loan portfolio to Kshs. 5.8 billion “We managed this after a review of our products where we extended repayment schedules, introduced mobile loan products and multiplier ratios,” said Sacco chairman Kennedy…
