Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Jackson Okoth. The newly appointed Commissioner for Co-operative Development, Mary Mungai has issued a stern warming to all Co-operative Societies that do not follow the law that they will soon be de-registered. She made these remarks on the sidelines of recent Kenya Police Sacco Annual Delegates Meeting (ADM) held at Intercontinental Hotel, Nairobi. “We…
By Staff Reporter. Deposit-Taking Savings and Credit Co-operative Organizations, presently holding more than Sh 600 billion in deposits have been urged to be on the lookout for fraudsters, who are prowling on all their electronic platforms with the aim of carting away millions in stolen cash. While commercial banks have been the main target of…
By Wesley Ken. Mombasa-based Bandari Sacco Society Limited was the first Sacco in the Coast region to register its books of accounts with the Sacco Societies Regulatory Authority (SASRA), a sign of changing fortunes and management in the Society. In order to achieve a solid growth, Bandari opened a common bond to include employees of…
By Azael Masese. Wanandege Sacco Society Limited, considered one of the oldest Saccos in Kenya, has embarked on an ambitious plan to improve efficiency and service delivery to members while increasing its revenues, value of assets and increasing the size of its loan portfolio. With a harsh economic environment affecting the financial sector, Saccos included,…
By Amoto Dennis. Co-operatives in North Eastern Kenya have been urged to entice more youth to join the movement. Community Owned Finance Initiative (COFI) Chief Executive, Salesio Njeru said young people were conspicuously missing out in savings and credit societies which charge lower interest rate on borrowed money as compared to commercial banks. Njeru said…
By Staff Reporter. Leaders in the Co-operatives sector in the region have been urged to embrace cyber security to help safeguard members’ deposits. Garissa Kenya National Union of Teachers (KNUT) Secretary, Abdirizack Hussein urged especially Saccos to invest in technology that will protect them in the event of an attack because cybercrime is on the…
By Tsozungu Kombe. Imarika Sacco’s total assets grew by 31 per cent last year compared to 19 per cent in 2015. Imarika Sacco Board Chairman, Renson Ndoro speaking during the Sacco’s Annual Delegates Meeting (ADM) at Travellers Beach Hotel, Mombasa County urged members to increase monthly deposits to enable the society provide more loansat affordable…
By Kiptanui Rutto. Kemfri Sacco recruited more members after opening its common bond to attract more customers. Sacco Chairman, Rashid Anam said the Sacco’s membership rose to more than 3,800 at the close of 2016 Financial Year. “The Sacco plans to ensure there are affordable financial products and services that are ultimately within reach of…
By Munene Maina. Kenyans have been cautioned against joining Savings and Co-operative Societies (Saccos) operating like pyramid schemes which are on the rise in the country. Deputy Co-operative Commissioner, J. K. Mwangi called on co-operators to gather knowledge from their County Co-operative officers before joining the Saccos. He said the new societies are enticing co-operators…
By Munene Maina. Bingwa Sacco plans to open more branches in its campaign to net more members. Sacco Chief Executive Officer, Jane Mugoh said plans were underway to open more branches in Nakuru, Machakos and Mombasa to reach out to more members who are badly in need of their products and services. “Currently, Bingwa Sacco…
