Category: Uncategorized
Saccos attract mortgage refinancing-KMRC
By Malachi Motano Savings and credit cooperative societies (Saccos) can now make owning home a reality to their members thanks to a structured financing of affordable houses product by Kenya Mortgage Refinance Company (KMRC) which ensures there is alignment between rents and mortgage take up. “We needed to focus on Saccos because there is greater…
Laxity blamed for loss of Saccos investment
By Malachi Motano The government has blamed unprofessional behaviour by managers of co-operatives for the loss of members’ investments. Co-operatives Principal Secretary Ali Noor says the inquiries instituted by the department show that in many instances unprofessional behaviour was the reason for loss of investment. “Unscrupulous persons have used co-operatives to swindle innocent Kenyans out…
Traders Sacco records growth
By Asa Maina Four-year-old Nyeri South Traders Sacco paid a dividend of 10% in 2020, an increase from eight percent in 2019. The Sacco chairman Joseph Wanjohi said it had also paid out a dividend of 10% in 2017 and but the payout declined to 4% in 2018. Speaking during its fourth Annual General Meeting…
Safety training fees high for Bodaboda riders
By Abdi Hussein Most of the Bodaboda riders claim they cannot raise the Sh4, 500 fee required for the nationwide safety training program training launched recently. The program sponsored by the national government in collaboration with National Transport Safety Authority (NTSA) and National youth service (NYS) is aimed to raise road safety awareness across the…
New unit to bust Sacco fraudsters
By Sammy Chivanga Fraudulent managers who swindle from Saccos will now be nabbed by the Sacco Societies Fraud Investigations Unit (SSFIU). The much awaited unit is finally up and running, one and half years since President Uhuru Kenyatta directed that it be established in July 2019. “The new unit is fashioned on the lines of…
Change of guard as Mwaka exits Sasra
By Malachi Motano The Sacco Societies Regulatory Authority (SASRA) Chief Executive Officer (CEO) John Mwaka finally exited office after five years of service. The CEO been replaced in acting capacity by Peter Njuguna who was previously in charge of Sacco supervision,. “His term that ended and Mr Njuguna will be in charge of the institution…
Munya gazettes cooperatives Task Force
By Roy Hezron The National Co-operative Policy Operationalization (NCPO) Tasks-force has officially become operational after its members were gazetted. The tasksforce which was constituted by the Cabinet Secretary Agriculture Livestock Fisheries and Co-operatives Peter Munya will have 15 members and is expected to submit its report to the CS within 90 days from the date…
Sh2.75bn boost for housing projects
By Roy Hezron Stima and Tower Saccos are among the first four Primary Mortgage Lenders (PMLs) to benefit from the Sh2.75 billion Kenya Mortgage Refinancing Company (KMRC) kitty. The disbursement done on 17th December 2020 saw Nyandarua based Tower Sacco which is a get Sh29 million while Stima Sacco got Sh69 Million. The two Saccos…
Sasra raises bar to secure Sacco funds
By Sammy Chivanga Non Deposit Taking (NDT) Saccos holding at least Sh100 million non-withdrawable deposits are facing a race against time to comply with the new regulations. The new rules released by the Sacco Societies Regulatory Authority (Sasra) seek to raise supervisory bar and secure members’ funds. Sasra has traditionally has given specified NDTs up…
Senate endorses a bill to tame rogue Sacco officials
By Malachi Motano Rogue Sacco officials put are now on notice as Senate passes Cooperatives Societies (Amendment) Bill, 2020 to bring sanity to the sector According to nominated Senator Agnes who sponsored the Bill, “Saccos have come under increasing public scrutiny of late, mostly on charges of loss of members. That creates a sense of…