Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Jackson Okoth. A baseline assessment involving several Deposit-Taking Saccos, conducted by Kingslink International Kenya Limited has revealed the need for these Societies to move to a more secure IT platform. This is to enable them deal with an emerging trend where Saccos continue to lose members’ cash through the activities of online criminals. Kingslink…
By Erick Nyayiera. Juakali artisans and small scale traders in Siaya County have been urged to join Savings and Credit Co-operative Societies (Saccos) to get easy access to cheap loans. Siaya County Director of Co-operatives, Vitalis Okech has said small scale traders can easily access loans through Saccos compared to commercial banks. He lamented that…
By Staff Reporter. A planned increase in Sacco levy for Deposit-Taking Saccos that run FOSAs has been withdrawn.Sacco Societies Regulatory Authority (SASRA) withdrew plans to increase the Sacco levy from the current 0.1 per cent to 0.125 per cent and progressively to 0.175 per cent at the end of three years. But it was withdrawn…
By Amoto Dennis Ndiewo. Savings and Credit Cooperative Societies (Saccos) in remote Tana River County are calling on the government to channel the multibillion Youth, Uwezo and Women funds through their societies. They said the Uwezo, Youth and Women funds should be channelled through Saccos in an attempt to boost their liquidity. Leading those making…
By Our Reporter. Garissa Teachers Sacco has opened its common bond in order to attract membership from other sectors including the Business community. This will enable the Sacco to diversity its business operations and strategy. Located in Garissa town, the Sacco is licensed by the Sacco Societies Regulatory Authority (Sasra) as a deposit taking institution….
By Murithi Kinoti. Meru County’s Smart Champions Sacco has splashed their marketing strategies as they seek to cash in on unbanked farmers and low-income earners. Sacco Chief Executive Officer, Robert Mbijiwe said the Smart Champions products are specifically developed to cater for farmers and will help in capturing the unbanked section of the population. “It…
By James Wakahiu. Cooperatives in Kiambu County have grown their capital base to over Sh5 billion in the last five years. This was disclosed by the County Director of Cooperatives, Abigail Tabu. She attributed the growth to increase in membership which rose to 400,000. “There are 584 registered Co-operatives in Kiambu. We also have 43…
By Jackson Okoth. The Sacco Societies Regulatory Authority (SASRA) has extended the license of 11 Deposit-Taking Saccos that have failed to meet set prudential guidelines. The affected Saccos will now be allowed to operate on a temporary license until December this year when the regulator will again review their liquidity, governance and capital adequacy status….
By David Kipkorir. A consortium of 35 Savings and Credit Cooperative Societies (Saccos) have come up with interest free mortgages on housing loan schemes for their members. Kimisitu Sacco, Safaricom Sacco, Habitat Housing Cooperative, and Nation Sacco started the ball rolling on the scheme dubbed Africa Tenancy Purchase Initiative. An official of the scheme’s steering…
By Felix Wanderi. The Cooperative movement in Kiambu County has continued to grow registering a total of 558 Cooperative societies with a membership of 459,806. They boast a share capital of Sh4, 680,426,229 and a turnover of Sh15, 526,777,157. This was revealed during this year’s Ushirika Day celebrations. Speaking during the occasion, the County Director…
