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The government has pledged to support the formation of Sacco Central, a platform which will see Savings and Credit Cooperatives (Saccos) borrow from each other to save them the trouble of going for expensive loans from other financial institutions. The platform will mainly assist Saccos to share data and do inter-Sacco lending the way inter-bank…
A 2020 Survey conducted by the State Department for Co-operative Development revealed that there are 5,723 dormant cooperatives, which are at risk of losing its assets to unscrupulous officials. Kenya Society of Professional Co-operators (KSPC) is now calling on government to develop policy guidelines that will help to safeguard assets of cooperatives that may fall…
The Mediators Savings and Credit Society, presently controlling a share capital of more than Ksh8.3 million, has launched a major marketing campaign to expand membership and remain profitable. According to a report by the chairperson of the Embu – based Sacco Catherine Nyambura, the ravages of the Covid-19 pandemic had a huge impact on members’…
North Kinangop Sub-county Cooperative Officer Anastacia Kimani has urged cooperative societies to ensure that they present detailed and credible financial reports during annual general meetings (AGM) to uphold transparency in the sector. Kimani said many cooperatives have not been fully complying with International Financial Reporting Standards and Sacco Societies Act No.14 of 2008. “Many cooperative…
The county government of Machakos has issued cheques worth Ksh138 million to farmers from various cooperative societies and community based organizations. Speaking while issuing out the cheques at Machakos People’s Park, Governor Wavinya Ndeti noted that the funds are meant to enable farmers procure material and farm inputs. The governor promised to issue out more…
Mwalimu National Sacco in partnership with Kenya Mortgage Refinancing Company (KMRC) has unveiled low mortgage loan facilities to give affordable housing to members. The Sacco, which is Africa’s largest Sacco by assets, unveiled the affordable housing loan products at Mwalimu National Towers in Upper hill in a colourful event graced by Simon Chelugui, Cabinet Secretary…
Keystone DT SACCO has trained its focus on opening a new satellite office in Homa Bay after it realized high demand for its services in the area even as it plans to move to a new office in Kisumu due to increase in demand for space. Speaking during the SACCO Annual General Meeting at the…
Malindi Sub-County Cooperative Officer Felister Moraa has revealed that the county government of Kilifi intends to revive 20 dormant cooperatives this financial year. She said the government’s move was necessitated by the need to enable residents join cooperatives in large numbers and uplift their living standards. Moraa advised Sacco members to patronize the products in…
Co-operative Bank of Kenya has made a significant move to reduce the interest rates charged on personal loans and asset finance to selected key borrowers from 14 per cent per annum to 13 per cent per annum with effect from April this year. Among the main beneficiaries of the new lower rates include key corporate…
Yetu Sacco has established a training institute called Pamoja Technical Training College, becoming one of the first Saccos to diversify into technical training. The seven-storey institute has 84 rooms and is located in Majani Plaza in Nkubu town in South Imenti constituency of Meru County. The institution kicked off training in January 2023 with 54…
