Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Kericho county Governor Dr. Erick Mutai has underscored the critical role played by the co-operative movement in the economic growth of the region. Speaking during this year’s Ushirika Day celebrations held at Kericho Primary School, the governor said the investments and contributions of local cooperative societies have the greatest impact in poverty eradication at the…
A Sacco is a member-owned financial cooperative society whose purpose is to pool savings from members and use the funds to provide them with affordable credits. The process of acquiring loans has been simplified and digitized in many Saccos through mobile banking, a process that has made the loans easily accessible to members. Saccos offer…
Young traders in Embu County have been challenged to form or join Saccos to qualify and access loans to enable them upgrade to become entrepreneurs. Embu County Director of Cooperatives David Muriuki cautioned the traders against underestimating the financial resources they mobilized daily, further urging them to save at least Ksh20 daily. “Saving in Saccos…
Savings and Credit Cooperative Societies (Saccos) are increasingly following in the footsteps of commercial banks by using personal security such as title deeds and log books, instead of guarantors, when issuing loans. An analysis by Sacco Review indicates that the number of Saccos giving members the option is on the rise and that the new…
By Tsozungu Kombe Mombasa County Government will spend Ksh. 8 million from its recurrent budget to run cooperative society activities in the region, Sacco Review has reliably established. Speaking to Sacco Review from Mombasa town recently, Mombasa County Cooperatives Director Mr. Nelson Nyoro said the same money will also be spent to revive some dormant…
Defaulters to lose property in stringent loan recovery measures By Jackson Okoth Deposit-Taking Saccos have warned members of stringent loan recovery measures that include use of debt collectors and Credit Reference Bureaus to lock out loan defaulters from accessing Sacco products. The rate of non-performing loans has been on the rise in the Sacco sub-sector….
By Munene Maina Sacco members have the alternative of using movable assets as collateral to secure loans. This is in addition to the traditional use of land and chattel collaterals. “This will in effect greatly improve the ease with which consumers can access credit facilities from the financial lenders; while at the same time securing…
The recent revelation by the Senior Deputy Commissioner, State department for Co-operatives Geoffrey Njang’ombe that loan defaulters owe Saccos over Sh8 billion does not augur well for the sector. Ridiculously, these loans have not been serviced over several years yet the defaulters are still earning their monthly incomes apart from owning assets worth billions of…
By Our Reporter Increasing loan defaulters have affected, Viktas Sacco operations, Chairman Stephen Gathiru has said. “We have taken collective efforts to curb loan defaulting. I would kindly request our members to seek financial advice from our officers when acquiring loans as this will help them make informed decisions,” he said. Gathiru noted there was…
By James Wakahiu Financial institutions all over the world are crippled by people who secure loan but fail to repay them, Thika West Sub-County Deputy Director of Co-op Development Catherine Mbuki has said. Speaking to members of Urithi Premier Sacco in Thika, Mbuki said defaulters had led to the collapse of many Saccos in the…
