The Leading Newspaper for Co-operative Movement in Kenya
By Eric Nyariera Formation of many small Saccos is killing the co-operative movement in the County, according to Industrialization, Energy, Enterprise and Development County Executive Committee (CEC) member, Johnson Awuor (pictured). Awuor who was speaking during Ushirika Day celebrations in Kisumu, lamented that though the county has more than 400 registered Saccos, many of them…
Sotico Sacco in Chebilat has brightened members’ lives by advancing loans to parents to venture into businesses as well as pay school fees for their children. The Sacco’s Chief Executive Officer, Everline Moraa, during her school days used to receive loans through her parents to pay school fees. This support saw her grow up confident…
By Jackson Okoth Naku Savings and Credit Co-operative Society (Naku Sacco) Limited- which previously drew its membership from employees of several retail outlets, has shed off this exclusive structure and rebranded to Shoppers Sacco. The rebranded society is now offering financing to shoppers to acquire products from the major retail stores. This product loan will…
By Jackson Okoth Kimisitu Sacco, which draws its membership from Non-Governmental Organizations (NGOs), embassies and international missions, plans to launch a Front Office Service Activity (FOSA) wing. This will enable it to offer quasi-banking facilities to its members. “We have to first have the right capital ratios as well as satisfy several regulatory requirements before…
By Tsozungu Kombe The Co-operatives model has been described as the best vehicle when it comes to fighting poverty in Kenya as it encourages members to embrace the culture of savings. Deputy Co-operatives Commissioner in charge of Finance and Banking Services at the State Department of Co-operative Development, Mary Mungai stressed that Co-operatives can make…
By Alfred Mosoti A top Sacco official has said challenges facing the Sacco industry has little or nothing to do with the past Kanu regime. John Peter Getundu, Treasurer of Tower Sacco, is urging members to instead concentrate on how to be more efficient, productive and competitive. Getundu attributes challenges facing the co-operatives sector to…
By Ben Oroko Lack of access to finance due to factors such as collateral, complicated administrative procedures in loan applications and prohibitive interest rates is affecting and limiting investment and productive capacity of women in Kenya. It is against this background the Kisii County Government has swiftly moved in to facilitate women from the County…
By Enock Okong’o County Governor James Ongwae has lauded Kisii Youth Bunge Sacco for being the best managed among youths’ saccos in the country. Ongwae was speaking at Kisii Sports Club during presentation of Best Performance Certificate to the Sacco chairperson. The Governor was informed that the giant youth owned Sacco plays a key role…
By Our Reporter Sacco Societies Regulatory Authority (SASRA) has advised smaller Deposit-Taking Savings and Credit Cooperative Societies (Saccos), whose market is shrinking, to consider mergers or consolidation as possible survival options. This comes after the Authority this year, withdrew Front Office Service Activity (FOSA) licenses for eight Deposit-Taking Saccos after they failed to meet the…
Chuka Housing Co-operative Society has has joined in the epic transformation of Chuka town, a fast growing business hub in the County. The society, which broke out from Chuka Farmers’ Co-operative has turned around the face of the town after constructing state-of-the-art buildings. It enjoys rent from Co-operative Bank, Thamani and Southern Star Saccos among…
