Category: Uncategorized
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…
Metrotrans Sacco Isuzu buses fleet acquired being driven off from Isuzu (E.A) after the handing over ceremony. Photo/File
Matatu Saccos to be transformed to cooperatives
By Roy Hezron Matatu Saccos will soon be renamed transport cooperatives to reflect their nature of business. Cooperatives Commissioner Geoffrey Njang’ombe said a task force mandated with implementation of the new cooperatives policy will guide the transformation. Njang’ombe said the team, which is expected to be gazetted soon, will carry out wide consultation before implementing…
Eliud Chepkwony, Jamii Sacco CEO.
Jamii Sacco unveils strong measures to boost business
The Sacco has restructured its operations, developing new products and bettered its digital platforms. By Ken Ondieki Jamii Sacco has remained resilient in the face of Covid-19 pandemic that has adversely affected the country’s social and economic status. The Deposit-Taking Sacco, has reviewed its business plan for the financial year 2020, scaled down on areas…
A woman at her farm in Nyalani Kwale County. Photo/Courtesy
Co-op chases away brokers in Kwale
By Collins Akong’o Farmers in Kwale County no longer worry of market or unscrupulous middlemen thanks to Kwale Pamba and Viazi Cooperative Society (PAVI). PAVI, which was formed in 2014, has enabled local farmers to participate in agricultural livelihood programmes initiated by Base Titanium Company. According to John Cooke, the programme manager, its membership has…
Saccos jolted as bank loans interest falls to 15-year low
By Staff Reporter Savings and Credit Co-operative societies (Saccos) will face pressure to offer attractive interest rates on loans in the wake of prices of commercial loans falling to levels last seen in 2005. The Central Bank of Kenya (CBK) has been pushing banks to lower interest rates despite the removal of interest rate cap…
Sacco bosses brace for big shake-up as Bill revived
At A Glance… -Law will ensure the cases of mismanagement and bad governance in Saccos will be a thing of the past. – It will spare members losing billions of their hard-earned savings. –Legislation will regulator Sasra more say in determining who may serve as an official in a Sacco. –This offers hope to the…
Saccos goes to members’ rescue as Covid-19 takes toll
At Glance –Thousands of sacco members are receiving support in the wake of difficult economic situations triggered by Covid-19. – Many Sacco members who have lost jobs, sent on compulsory non-paid leave or given pay cuts. – Mwalimu National has increased the amount its members can withdraw via the mobile application from Sh70,000 to Sh150,000…
Rose Chepngetich,leading female in SACCO boardrooms
By Jackson Okoth At the helm of Kimbilio Daima Sacco Society Limited as Chief Executive for more than 18 years, Rose Chepngetich remains an inspiration to many women aspiring to occupy executive positions and make a difference in the corporate world. Rose represents a class of women joining the boardroom and executive positions of many…
