Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Our Reporter. Five Savings and Credit Cooperatives Societies within Juja Constituency will receive about Sh85, 000 per day through savings by youth enrolled in National Youth Service (NYS) projects. The money saved by youth known as NYS cohorts will be remitted to youth saccos in the area. Of the Sh471 paid to a worker…
By Ndichu Kamau. Biblia Savings and Credit Co-operative Society (SACCO) posted good results in 2016. Speaking during this year’s Annual General Meeting (AGM), Sacco chairman Mr. Walter Aoko said this had been attained despite the challenging economic environment. He said the year 2016 was difficult economically but the Sacco worked hard and was sailing in…
By David Kipkorir. The Central Bank of Kenya (CBK) has warned banks and financial institutions against opening accounts for fake pyramid schemes operating as saccos. Central Bank of Kenya in a circular urged banks to ensure they scrutinise transactions where non-deposit taking saccos mobilise huge sums from unsuspecting Kenyans. “This circular is to caution financial…
By Azael Masese. Kisumu Teachers (KITE) Sacco Society Limited reported an increase in its turnover to Sh 52 million for the financial year ended 31st December, 2016. This is compared to Sh 44.4 million posted the previous year. “Although the Society experienced membership withdrawals through death and retirement, we were able to increase members’ deposits…
By Wasike Elvis. Governor Jackson Mandago has urged the National government to open a Co-operative College in the county. He said that this will offer training on how to manage Savings and Credit Societies (Saccos). “Despite us reviving over 100 Co-operatives and giving them loans, some of the officials lack managerial skills leading to them…
By Azael Masese. Sheria Housing Co-operative Society has reported an increase in Members’ Deposits from Sh 24 million in 2015 to Sh 32 million at the close of the financial year ended 31st December, 2016. The Society’s Total Assets rose to Sh54.5 million in 2016 compared to Sh37.9 million in 2015 while Share Capital increased…
By Jackson Okoth. The list of Deposit-Taking Savings and Credit Co-operative Societies (Saccos) that are planning or have already set up their own insurance agency business is getting longer by the day. On their sights are millions of shillings in premiums paid out to insurance companies by clients keen to have covers against various risks….
By Jackson Okoth and Stephen Makabila. The Government has launched a massive inspection of Co-operatives countrywide in an effort to rein in errant Saccos and directors who violate regulations governing the sector. And as the impromptu inspections gain momentum, the new Commissioner for Co-operative Development, Mary Mungai has sounded a stern warning to the entire…
By Wasike Elvis. Deputy President William Ruto (pictured) has called on Kenyans to join Saccos and embrace a saving culture to improve their livelihoods. “Kenyans should embrace a saving culture by joining Saccos to be able to get loans to enable them initiate income-generating projects,” said Ruto. Speaking in Eldoret recently, Ruto said: “I am…
By Wesley Ken. Kimisitu Savings and Credit Co-operative Society Limited recently held its Nairobi Members Education Day during which members were trained on various aspects of Sacco operations. This comes barely three months after the Society held its Annual General Meeting (AGM) to deliberate on performance and chart a future strategic direction for the Society….
