Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Taqwa Sacco has declared KSh27 million in profit for the year 2023. Also, it paid out dividends to its shareholders amounting to KSh13 million. Founded in 1998, Taqwa Sacco is Kenya’s pioneering Shariah-compliant financial institution, offering Halal credit and investment opportunities to its members. Taqwa Sacco boasts a membership of more than 13,500 individuals across…
Stima DT Sacco has Sacco achieved remarkable growth across all key indicators in the year ended December 31, 2023, this was revealed during the Sacco’s Investors briefing meeting in Nairobi. The Sacco which turns 50 years this year paid members dividends at a rate of 15 per cent and rebates at 11 per cent. This…
I&M Group bags net profit growth by 12.6 per cent from the financial year ending December 2023 amounting to KSh12.6 billion. The firm attributes the 15 per cent growth in its profits to an increase in its operating income. The Group has also increased dividends for the third straight year to KSh2.55 a share amounting…
Kenya’s KCB Group posted a 15 per cent drop in pretax profit in 2023 to KSh48.5. Therefore, it announced it would not pay a dividend for the period in order to conserve capital. For the first time in 21 years, KCB Group shareholders will miss out on dividends after the bank reported a net profit to…
Principal Secretary Department for Cooperatives Patrick Kiburi Kilemi has asked Sacco members to always hire competent officials to run the SACCOs. He said incompetent officials are not able to perform leading to poor performance of most firms. Speaking during APSTAR Sacco (former Ukulima Sacco) 46th ADM at Serena Hotels he said the board should also…
Top Saccos in the country are paying members at least four per cent more in dividends for their 2023 savings compared to a year earlier. Most cooperatives attributed the performance to muscular growth in its net interest income, enhanced member deposits and increased membership. Safaricom Investment Corporative (SIC) members will take home KSh142.4 million in…
The Invest and Grow (IG) Sacco, based in Kakamega County on Wednesday February 28, 2024 reported a 2.5 per cent jump in 2023 net profit. The net profit of KSh1.91 billion for last year compares with a profit of KSh1.86 million a year earlier. The Sacco intends to enroll more members to channel their income…
Kenya Electricity Generating Company (KenGen) has reported a 9.2 per cent drop in net profit in first-half earnings compared with the same period a year earlier. The listed firm reported KSh2.96 billion in net profit for the six months to December 2023. This profit drop from the KSh3.26 billion reported in a similar period last…
Commissioner for Co-operative Development David Obonyo has challenged Savings and Credit Cooperative Organizations (Saccos) members to focus on getting affordable loans from their Saccos rather than high dividends. Speaking during the recently concluded Hazina DT Sacco Annual Delegates Meetings (ADMs) in Nairobi, he asked members to have long term investments through the Saccos, since co-operative…
Cooperative sector practitioners have expressed concerns over the manner in which Saccos and cooperatives are declaring dividends and interest on deposits, as well as honoraria payments. Through Kenya Society of Professional Co-operators (KSPC), the practitioners observed that there are a lot of malpractices among cooperatives in the way dividends, interest on deposits and honoraria are…
