The Leading Newspaper for Co-operative Movement in Kenya
By Azael Masese Stima Deposit Taking (DT) Sacco exhibits all the attributes and performance indicators of a successful institution. Ranked the second wealthiest Society by the Sacco Societies Regulatory Authority (SASRA), their end year performances have remained mouth-watering. As of 31st December 2021, the Society’s asset base, turnover, loan book and balance sheet had grown by…
By Hezron Roy CPA Frederick Abuyabo is the Chief Executive Officer for Ufanisi Deposit Taking (DT) Sacco, which was registered in July 6, 1973 as a Savings and Credit Society for employees of Agricultural Finance Corporation (ADC) that has since opened its membership to the public. The Sacco Society was registered with Sacco Society Regulatory…
By Our Reporter Saccos are now scrambling into offering insurance cover for their members to earn commission as a key source of income to improve their much-needed balance sheet. While some societies have formed subsidiaries to execute the business, others have identified agencies to transact the business on their behalf. Medical cover for members…
By Sammy Chivanga The Sacco Societies Regulatory Authority (Sasra) is facing increased budgetary strain as the number of Saccos under its regulation more than doubles. Sasra requires more money to strengthen its oversight capabilities given that Saccos under its mandate have increased after it started regulating non-withdrawable deposit taking Saccos with deposits of at least…
By Azael Masese Savings and Credit Cooperative Societies (Saccos) across the country are set to witness drastic changes in their management following plans by Sacco Society Regulatory Authority (SASRA) to engage top industry players in formulation of regulations that affect Sacco operations. This is a shift from the past where societies were expected to enforce…
By Bernard Matumbai Co-operative Bank of Kenya has been named East Africa’s Regional Bank of the Year at the African Banker Awards Gala Ceremony held in Accra, the Ghanaian capital. In a continuation of the listed Tier One lender’s international supremacy, the bank was feted for its overall excellence in the banking sector across the region….
By Our Reporter The President led the nation in celebrating the 59th Madaraka Day at the newly-rehabilitated Uhuru Gardens in Nairobi yesterday, 1st June 2022. On that historic occasion, the head of state enumerated the achievements of his administration as it enters home stretch.. However, one milestone that stood out is the govt’s expansion of…
At 56 per cent growth in pre-tax profit, nothing seems to be stopping top tier lender’s exploits By Matumbai Bernard-Boy The Co-operative Bank of Kenya has maintained its upward trajectory, recording a 56 per cent before tax growth in the first quarter of 2022 as compared to the same period last year. In a statement dated Thursday,…
By Roy Hezron The proposed co-operative law will enhance management of co-operatives in the country, the Kenya Society of Professional Co-operators (KSPC) chairperson and Co-operative University of Kenya Deputy Vice Chancellor Prof. Esther Gicheru have said. Addressing Co-operative leaders in the larger Eastern region at Embu Hall in Embu County, Prof. Gicheru noted the Co-operative…
By Fred Sitati One basic characteristic that distinguishes companies from cooperatives is that companies are associations of capital while cooperatives are associations of persons. Additionally, while companies strive to maximize profits for their shareholders, the same cannot be said of primary cooperatives that are voluntary self-help organizations that aim to solve members’ socio-economic and cultural…
