Saccos mull ways to address non-remittance of funds

Employer based Saccos  must now  adopt alternative methods to generate income and remain afloat even during difficult economic times rather than relying on the unreliable employers who might remit their employees deduction at their own volition, leaving the societies at the verge of collapse when they cannot support their operations. “Non -remittance of the dues…

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KUSCCO presents memoranda on tax matters affecting SACCOS

Kenya Union of Savings & Credit Co-operatives Ltd (KUSCCO) has presented their memoranda on tax matters affecting Saccos in Kenya where they have said that there will be implications under the current tax law provisions.  Saccos with corporate members would lose the tax benefit of exemption. Interest income from members and 50% for the interest…

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SACCO

Change beckons as KUSCCO boss hints at coops forming federations

By George Otieno All Cooperatives will in future become federations and subscribe to an apex body, group managing director of the Kenya Union of Savings and Credit Cooperatives (KUSCCO) George Ototo has hinted. A restructured Cooperative sector will ensure sustainability and viability as it will solely depend on the subscription of the cooperative members. Ototo…

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Why expansion of scope of cooperative activities in the region is long overdue

By Fred Sitati Cooperatives, by their very definition, are formed to serve the socio-economic and cultural needs of their members.  However, the majority of cooperatives in Africa are agro-based and financial in nature while aspects of social services are given a wide berth. In view of the challenges facing humanity globally courtesy of covid-19 pandemic,…

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