The Leading Newspaper for Co-operative Movement in Kenya
By Charles Akivaga. Savings and Credit Co-operative Societies (Saccos) will have to move with speed and align themselves with the changing legislations to remain competitive. According to George Ototo, the Managing Director of Kenya Union of Savings and Credit Co-operatives (Kuscco) Limited, leaders of various Saccos will have to adapt to the new changes in…
By Our Reporter. The list of Savings and Credit Co-operative Organizations (Saccos) that are adopting modern business practices so as to meet rising expectations from their members is becoming longer. The latest player to join this elite club is Ukulima Sacco-which recently attained the ISO 9001: 2008 Certification, completing a journey that began way back…
By Ndichu Kamau. Biblia Savings and Credit Co-operative Society (SACCO) posted good results in 2016. Speaking during this year’s Annual General Meeting (AGM), Sacco chairman Mr. Walter Aoko said this had been attained despite the challenging economic environment. He said the year 2016 was difficult economically but the Sacco worked hard and was sailing in…
By David Kipkorir. The Central Bank of Kenya (CBK) has warned banks and financial institutions against opening accounts for fake pyramid schemes operating as saccos. Central Bank of Kenya in a circular urged banks to ensure they scrutinise transactions where non-deposit taking saccos mobilise huge sums from unsuspecting Kenyans. “This circular is to caution financial…
By Azael Masese. Kisumu Teachers (KITE) Sacco Society Limited reported an increase in its turnover to Sh 52 million for the financial year ended 31st December, 2016. This is compared to Sh 44.4 million posted the previous year. “Although the Society experienced membership withdrawals through death and retirement, we were able to increase members’ deposits…
By Our Repoter. Trans-National Times Sacco (TNT) has elected new officials after the serving ones on a rotational basis retired. The long-serving chair, Christopher Nyongesa retired and handed the mantle to his Treasurer, Robert Omari. Nyongesa has been serving as the Sacco chairman since 2008. Speaking during the Annual Delegates Meeting (ADM) recently, Nyongesa exuded…
By Kephas Ayiecha. The Government’s plan to amalgamate financial institutions through the draft Finance Authority Bill of 2016 should be rejected as members will have to tighten their belts since the future will be uncertain. Kenya Union of Sacco Societies (KUSCCO) Rift Valley chairman, Robert Owino told Sacco Reveiw that if passed, the Bill will…
By Alfred Kimosop. One of Baringo County’s oldest Co-operative societies, Tugen Hills Farmers Sacco has embarked on recruitment of members to strengthen the society. Formed on June 10, 1964 the society blossomed in early 1960s and 1970s, increasing its membership through engaging in various activities among them coffee, pyrethrum farming and milk production. Talking to…
By Dennis Bett. Tuiyotich Farmers Co-operative Society Ltd is set to reap big from rising milk volumes after the society purchased an Isuzu pick-up truck to transport the milk. The society has also embarked on sensitization of members to embrace better animal husbandry. Through partnership with the Uasin Gishu County’s Enterprise Development Fund, the society…
By Staff Reporter. Nandi Hekima Sacco Society Limited has launched a Strategic Plan whose focus is to strengthen its financial base, credit management, physical facilities, governance, human resource, products and services, and operational functionalities. Speaking during the Society’s recent Annual Delegates Meeting (ADM), Nandi Hekima Sacco Board Chairman, Rev. Canon James Bassy, said the Sacco…
