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SACCOs urged to adopt new technology to compete effectively with banks

Sacco ReviewMay 23, 202502 mins

Savings and Credit Cooperative Organizations (SACCOs) have been challenged to adopt new technology to penetrate in the current business market. Speaking during leaders’ meeting and launch of Ushirika activities Cooperative Bank of Kenya vice chairman Macloud Malonza said saccos should also intensify investments in product development to endure the current market competition. Malonza said Saccos…

Why Saccos should embrace a co-operative business model

Sacco ReviewJanuary 7, 202508 mins

The primary purpose of a Sacco is to serve the community in which it operates. This is based on the understanding that co-operatives are not-for-profit enterprises, as the majority of the profit goes toward fulfilling the social, economic, and cultural needs of the community in which they operate. It is obvious that when a co-operative…

Saccos should prioritize people over products in a changing financial landscape

Sacco ReviewNovember 12, 2024012 mins

In recent years, Savings and Credit Cooperative Organizations (Saccos) have become increasingly vital to the financial wellbeing of many Kenyans. They have allowed individuals, families, and small businesses to access credit, grow their savings, and benefit from cooperative economic models that prioritize mutual success over pure profit. However, as Saccos continue to evolve and introduce…

How banks paid dividends to members in 2024

Sacco ReviewApril 20, 202402 mins

Banks paid KSh66.4 billion in shares to its members for the year ended December 31, 2023. The amount translates to a 48.9 a share of the cumulative KSh153.6 billion payouts from all counters. Equity Bank topped in paying dividend to shareholders on absolute terms at KSh15 billion translating to KSh4 a share on its over…

Why financial agencies need to invest in professional managers

Sacco ReviewOctober 10, 2023October 10, 202306 mins

The financial landscape in Kenya is characterized by a diverse array of institutions like banks, insurance companies and Saccos that cater to the financial needs of individuals and businesses. At the heart of the effective functioning of these organizations lies the crucial element of professional management. This article explores the unique characteristics of banks, insurance…

SASRA Report highlights intensified competition between SACCOs, Commercial Banks

Sacco ReviewSeptember 11, 2023September 12, 202302 mins

The latest released Sacco Societies Regulatory Authority (SASRA) report reveals a significant surge in competition between Savings and Credit Cooperative Societies (SACCOs) and commercial banks in Kenya, with consumers opting for SACCOs. The craze for SACCOs is because they offer low-interest loans and attractive dividend payouts, making them an appealing choice. Furthermore, SACCOs’ member centric…

Report: SMEs worst hit by debt crisis

Sacco ReviewSeptember 5, 2023September 6, 202303 mins

A recently released Financial Sector Deepening (FSD) survey, which has the backing of the Central Bank of Kenya (CBK), has revealed that Small and Medium Enterprises (SMEs) are the worst-hit by debt crisis. The survey revealed that one in every six small scale business borrowers has defaulted on a loan in the past eleven months….

Plans underway for establishment of LREB Sacco

Sacco ReviewAugust 16, 2023August 16, 202304 mins

Lake Region Economic Bloc (LREB) Chief Executive Officer Victor Nyagaya has revealed that the bloc has decided to form a Sacco to sustain its economic model. Nyagaya said the bloc has already done the legal paperwork for registration and that they plan to start with a Sacco then gradually build it into a regional bank….

Banks urged to change lending packages to serve SMEs

Sacco ReviewAugust 16, 2023August 16, 202303 mins

The government is negotiating with banking institutions to streamline their lending packages to accommodate small and medium enterprises, which are thought to be the pillar to the country’s future economy. Cooperatives Cabinet Secretary Simon Chelugui said the government was consulting with banks to restructure and be more attractive to the small and medium enterprises. Chelugui…

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Islamic banks urged to promote Big Four Agenda

Sacco ReviewAugust 22, 201801 mins

By Amoto Dennis Islamic banks have been urged to be part of Government’s Big Four Agenda. Treasury Permanent Secretary Dr Kamau Thugee said the finance institutions were in a position to facilitate universal healthcare, affordable houses and food security. He said the banks had quality products that can address the issue. The PS was speaking…