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

Government launches crackdown on Sacco boards over misuse of members’ savings

Sacco ReviewApril 2, 202604 mins

The government has announced a sweeping crackdown on Sacco boards accused of misusing members’ deposits through lavish foreign trips, manipulation of financial statements, and unsustainable borrowing practices. Cooperatives Principal Secretary Patrick Kilemi, speaking during the Harambee Sacco Annual Delegates Meeting (ADM) in Nairobi, revealed that legislative and policy reforms are already before the ministry and…

SACCOs go big on digital platforms to attract the youth

Sacco ReviewMarch 12, 2025March 12, 2025010 mins

Savings and Credit Cooperative Societies (SACCOs) have, in the recent past, stepped up their digital marketing campaigns, running attractive TV advertisements, updating their websites to make them more interactive, and going big on X, Facebook, and other social media platforms. SACCOs are also investing huge sums of cash to spruce up their online presence. This…

Here are the top-five performing Saccos

Sacco ReviewMay 9, 202404 mins

Saccos in the country are among top lenders accumulating assets and savings worth billions of shillings. Five top Saccos in the country command a membership of over 517,700. Nairobi City County director of co-operatives Dolphine Aremo said recently that the Capital City hosts to 4978 cooperatives including giant Saccos. In her speech dubbed “Overview of the…

Harambee Sacco trains all focus on membership growth

Sacco ReviewMay 24, 2023May 24, 202304 mins

Harambee Sacco is employing every strategy to ensure that they hit their 2025 target of 86,502 members, Sacco chairman Macloud Malonza has said. Speaking during the 52nd Annual Delegates Meeting (ADM) held at Safari Park Hotel, the chairman said the membership currently stands at 74,274 having recruited 6,276 new members in 2022. To help sustain…

How Saccos rewarded member dividends

Sacco ReviewApril 30, 2021April 30, 202108 mins

By Malachi Motano Most Saccos rewarded members with favourable dividends in the 2019-2020 financial year despite the challenges posed by the Covd-19 pandemic. The Giant Mwalimu National Sacco (MNS) paid only interests on deposits to members at the rate of 9.3%, compared to 2019 when it paid the same at 10.2 and 11.2% dividends. Also…

Spending cuts lift Harambee Sacco out of losses

Sacco ReviewMay 20, 2019May 20, 201904 mins

Sacco paid dividends at 4% this year while interest on deposits at 5.5% this year. By Jackson Okoth A change in its executive suite, which saw the recruitment of a new Chief Executive Officer as well as Head of Finance, Investment and Strategy, combined with surgical spending cuts, is finally paying off for the giant…