Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
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…
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…
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…
By Malachi Motano Saccos in the country are owed nearly 4 billion shillings in non-remittance of deductions from members. According to the Kenya union of cooperatives (Kuscco) managing director George Ototo, the 3.8 billion is largely owed by government linked institutions Speaking during the sixth annual Sacco leader’s convention held in Mombasa, Ototo said universities,…
By Malachi Motano The Cabinet secretary (CS) for Agriculture Peter Munya says it is high time the coffee sector is streamlined to allow farmers benefit from their commodity. “We have experienced cases of farmers paying many interests on small loans they take but the government has reduced the burden and farmers will be dealt with…
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…
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…
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…
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…
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…
