The Leading Newspaper for Co-operative Movement in Kenya
By Jackson Okoth. The newly appointed Commissioner for Co-operative Development, Mary Mungai has issued a stern warming to all Co-operative Societies that do not follow the law that they will soon be de-registered. She made these remarks on the sidelines of recent Kenya Police Sacco Annual Delegates Meeting (ADM) held at Intercontinental Hotel, Nairobi. “We…
By Jackson Okoth. Harambee Sacco Society Ltd posted a decline in net surplus for the financial year ended December 31, 2016 to Sh100 million from Sh106.7 million in 2015. Interest on loans and advances rose from Sh1.5 billion to Sh1.6 billion while net interest income fell from Sh570.8 million in 2015 to Sh310.7 million in…
By Jackson Okoth. The National Treasury is seeking to allow all Co-operative societies to issue Shariah-compliant products, opening up yet another frontline where competition between these societies will be intense. On the list of Saccos that are already Sharia-compliant are Crescent Takaful Sacco Society Limited andTaqwa Sacco Society Limited. Takaful Sacco offers mobile payments, international…
By Staff Reporter. Deposit-Taking Savings and Credit Co-operative Organizations, presently holding more than Sh 600 billion in deposits have been urged to be on the lookout for fraudsters, who are prowling on all their electronic platforms with the aim of carting away millions in stolen cash. While commercial banks have been the main target of…
By Wesley Ken. Mombasa-based Bandari Sacco Society Limited was the first Sacco in the Coast region to register its books of accounts with the Sacco Societies Regulatory Authority (SASRA), a sign of changing fortunes and management in the Society. In order to achieve a solid growth, Bandari opened a common bond to include employees of…
By Murithi Kinoti. Centenary Sacco seeks to go big on agency banking as it expands its reach in the region and beyond. The Sacco also plans to open a satellite office at Marimanti Market in Tharaka-Nithi County with an aim of bringing financial services closer to existing members in that region as well as tap…
By Our Reporter. The County government is sponsoring training of more than 2,100 Boda boda riders across the county to acquire motorcycle driving licenses as well as formation of Saccos to promote their investment capacity. It has also launched Embu Women Sacco which will offer financial loans to members at reduced interest rates. In order…
By Joseph Mukubwa. Biashara Sacco Society, located in Nyeri County is targeting students through its Corporate Social Responsibility (CSR) programmes this year. This is through its school feeding programme, which was recently launched at the DEB Nyeri Primary School in Nyeri town. The Sacco has already spent some Sh200,000 on the initiative where over 500…
By Azael Masese. Wanandege Sacco Society Limited, considered one of the oldest Saccos in Kenya, has embarked on an ambitious plan to improve efficiency and service delivery to members while increasing its revenues, value of assets and increasing the size of its loan portfolio. With a harsh economic environment affecting the financial sector, Saccos included,…
By Azael Masese. Tower Sacco Society Ltd will open a new branch in Nakuru town this year as it embarks on an ambitious growth strategy. The new branch will be located near Gilani’s Supermarket and next to Ecobank, bringing the Sacco’s branch network to ten. During the Sacco’s 41th Annual General Meeting (AGM), outgoing Board…
