CBK - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

Stanbic Holdings boosts dividend after KSh12 billion profit

Sacco ReviewMarch 8, 2024March 8, 202402 mins

Stanbic Holdings reported a KSh12.16 billion profit for 2023, allowing the lender to increase dividend to members. Annual profit was up 34 per cent from the previous year’s record of KSh9.06 billion after the net profit hit the highest in company’s history. READ ALSO: KenGen profit falls 9.2 per cent on weak shilling Therefore, Stanbic…

Central Bank of Kenya urged to maintain current lending rates

Sacco ReviewNovember 30, 2023November 30, 202305 mins

The Kenya Bankers Association (KBA) Centre for Research on Financial Markets and Policy has, in a report, recommended that the Central Bank of Kenya (CBK) maintains its current lending rate of 10.5% ahead of the Monetary Policy Committee meeting on December 5, 2023. KBA believes that the current monetary policy stance is reasonable given the…

Why financial agencies need to invest in professional managers

Sacco ReviewSeptember 28, 2023September 28, 202305 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…

Saccos poised to benefit as CBK increases bank lending rates

Sacco ReviewJuly 19, 2023July 19, 202304 mins

Savings and Credit Cooperatives (Saccos) and Microfinance institutions are expected to reap big following a move by the Central Bank of Kenya (CBK) to increase banks’ lending rates. CBK Governor Kamau Thugge raised the benchmark lending rates to the highest point in nearly seven years on heightened fear of a spike in consumer prices. The…

Boost as diaspora remittances hit Sh34b -CBK

Sacco ReviewAugust 5, 2021August 5, 202103 mins

By Malachi Motano The Central Bank of Kenya (CBK), in its weekly markets bulletin recently reported that remittance inflows increased by 22.3 per cent to Sh34 billion ($315.8 million) as at May 2021, compared to $258.2 million in the same period last year, attributed to the higher flows from the US and Saudi Arabia. The…

Fund will save Sh2bn Saccos pay banks

Sacco ReviewApril 29, 2021April 29, 202106 mins

By Malachi Motano Savings and Credit Co-operative Societies (Saccos) will save close to Sh2.33 billion they pay as interest income on loans from commercial banks, thanks to the establishment of Central Liquidity Fund (CLF). The fund will save Saccos from getting lines of credit from commercial banks at high interest rates that cannot be supported…

Govt targets Saccos in money laundering

Sacco ReviewAugust 6, 2018August 9, 2018011 mins

By Munene Maina The Government has moved with speed to avert money laundering within savings and credit societies. At a time when several banks were implicated in the infamous National Youth Service scandal for violating the law leading to loss of billions of public money, the Government wants to seal all loopholes that may allow…

Regulator warns banks against fake ‘saccos’

August 4, 2017August 4, 201702 mins

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…