The Leading Newspaper for Co-operative Movement in Kenya
By Sammy Chivanga Non Deposit Taking (NDT) Saccos holding at least Sh100 million non-withdrawable deposits are facing a race against time to comply with the new regulations. The new rules released by the Sacco Societies Regulatory Authority (Sasra) seek to raise supervisory bar and secure members’ funds. Sasra has traditionally has given specified NDTs up…
By Malachi Motano Rogue Sacco officials put are now on notice as Senate passes Cooperatives Societies (Amendment) Bill, 2020 to bring sanity to the sector According to nominated Senator Agnes who sponsored the Bill, “Saccos have come under increasing public scrutiny of late, mostly on charges of loss of members. That creates a sense of…
By Malachi Motano The National Transport and Safety Authority (NTSA) has suspended operations of Memba, a public service (PSV) Sacco after the death of a female passenger. NTSA stated that the Sacco officials were summoned and appeared before the Authority and were told that the vehicles belonging to the Sacco will be subjected to a…
By Sammy Chivanga Savings and Credit Cooperative Societies (Saccos) are facing the biggest stability test because of hardship caused by the Covid-19 pandemic. A new Central Bank of Kenya report that sheds light on the health of multiple sectors of economy shows that non-performing loans (NPLs) ratio for deposit-taking (DT) Saccos jumped to 9.12 percent…
Staff Reporter Lengo Sacco Limited chairman Mr. George Ndaa Tune has retired, Sacco review has reliably established. Speaking to Sacco Review after attending the special delegates meeting in Malindi town recently, Tune said he retired in July, 2020 after attaining the retirement age of 60 years. Vice chairman, Mr. Jonathan Kahindi Charo will discharge his…
By Roy Hezron Current cooperative chief executives have to join the Kenya Society of Professional Co-operators (KSPC) to obtain professional certification. Speaking to Sacco Review, KSPC acting Chief Executive Symon Mburia urged cooperatives CEOs and managers to register with the organisation. “All serving co-operative officers and managers of co-operatives are eligible for membership as associate…
Imarika Sacco Limited in Kilifi County has restructured its staff to enhance efficiency in service delivery. The move follows the expansion of operation in the giant financial body, Sacco review has learnt. Speaking during their Annual General Meeting held at Travellers Beach Hotel in Mombasa county recently, Board of Directors Chairman, Mr. Renson Ndoro announced…
By Roy Hezron Smaller co-operatives have been encouraged to come together to enable them enjoy economies of scale. Commissioner for Co-operatives Geoffrey Njang’ombe told Sacco Review in a recent interview that Sacco mergers is nothing new, saying it is anchored in the law. “We encourage small entities to merge in order to expand their horizon…
By Roy Hezron The process of establishing the taskforce for the implementation of the National Co-operative Policy is at an advanced stage. According to Co-operative Commissioner Geoffrey Njang’ombe, letters asking the stakeholders to appoint representatives to the taskforce have been dispatched. “We have sent out letters to the main stakeholders to appoint representatives in…
By Roy Hezron Majority of members in deposit-taking Saccos in the country are between the ages of 36 and 50 years. They account for 28.8 per cent, or 1,380,784 members, according to a survey by Sacco Societies Regulatory Authority (SASRA). Of these, 833,512 are men, 514,752 are women while 32,520 are of undisclosed gender. The…
