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South Rift leaders appeal to State to waive tea farmers’ debts

Sacco ReviewSeptember 2, 2024September 2, 202403 mins

Bomet Governor Hillary Barchok and his Kericho counterpart Erick Mutai are seeking a debt waiver from the national government to bail out the financially overwhelmed tea industry in the region. Speaking during a meeting held at Bomet hotel with officials from the Kenya Tea Development Agency (KTDA) led by newly elected National Vice-Chairman Erick Chepkwony…

KCB responds to auditor queries on Hustler Fund

Sacco ReviewJuly 10, 2024July 11, 202406 mins

KCB Bank Kenya Limited has issued a response to the queries raised by the Office of Auditor General on Financial Inclusion Fund (Hustler Fund). Auditor General Dr Nancy Gathungu had issued a disclaimer opinion, citing inconsistencies in the management of the fund. Through a statement from the bank Managing Director Annastacia Kimtai , the financial…

Loss-making Home Afrika sells land, houses to clear loan

Sacco ReviewJuly 3, 2024July 3, 202405 mins

Home Afrika, a real estate company listed on the stock exchange, is selling some of its assets, including houses and land, in order to repay an outstanding loan of KSh79 million from I&M Bank. Home Afrika intends to sell six housing units from its Mitini Scapes Development, located along Kiambu Road and Lake View Heights in Kisumu. The purpose of this sale is to repay…

Ufundi Cooperative sacco announces sale of tower to clear debt

Sacco ReviewMarch 2, 202403 mins

Ufundi Savings and Credit Co-operative Society Limited has announced the sale of it’s 14-storeyed building, Ufundi Co-op Plaza, at the junction of Moi Avenue and Moktar Daddah Street. In a local daily newspaper notice dated February 29, 2024, the Sacco has invited bidders for the iconic building Nairobi Central Business District that will be sold…

Insider Lending: A dilemma for Saccos and financial sector

Sacco ReviewFebruary 29, 2024February 29, 202409 mins

Insider lending is a process where a Savings and Credit Co-operative Society (Sacco) or a financial services institution advances loans to its officers or directors. However, in some developed countries, such as the United States, it is a requirement that such loans are charged at the same interest rate, repayment terms and credit evaluation criteria…

Sacco boss pleads with Kenyans to save in Saccos to avoid loan sharks

Sacco ReviewFebruary 29, 2024February 29, 202406 mins

Ollin Sacco’s Chief Executive Officer (CEO) John Gathige has urged Kenyans to save in a Sacco in order to get better loans and avoid loan sharks who normally take advantage of their dire situation. Speaking during the Sacco’s 47th Annual General Meeting (AGM) which was held in Kutus Comprehensive Primary School grounds, Gathige stated that…

Hustler Fund to increase loan limits for loyal borrowers

Sacco ReviewNovember 30, 2023November 30, 202303 mins

President William Ruto has announced that the loan limit for committed Kenyans patronizing the Hustler Fund scheme will be increased. Speaking during the first anniversary celebrations of the Fund, the President said that the limits will be adjusted based on the frequency of borrowing. “Those who have borrowed 10 times will see their limits increase…

Stima Sacco extends loan repayment period

Sacco ReviewNovember 16, 2023November 16, 202303 mins

Stima DT Sacco has reviewed the repayment periods of its loan products, allowing borrowers more time to adjust to the country’s economic situation without defaulting. “We are delighted to announce that Stima DT Sacco has reviewed its credit products. These changes will see an extension on the repayment terms of our credit facilities. We urge…

Sheria Sacco launches new dividend advance product

Sacco ReviewNovember 10, 2023November 10, 202302 mins

Sheria Sacco Society Ltd has introduced a new loan product christened ‘Dividend Advance Loan’. “We are thrilled to inform you about the introduction of our new financial product called the ‘Dividend Advance Loan’. This initiative is a testament to our dedication to offering convenient and easily accessible financial solutions,” read a memo signed by Director…

Gusii Mwalimu Sacco launches instant loan for new members

Sacco ReviewOctober 28, 2023October 28, 202303 mins

Gusii Mwalimu Sacco Society Limited has unveiled Karibu Loan, a product launched to cater to new members who need instant loans. Sacco’s CEO Jared Makori Moenga said that the move is aimed at bolstering the Sacco’s commitment to consistently design products that suit every individual need of each customer. He said that the main advantage of…