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CS Oparanya bans use of loans to pay dividends to SACCO members

Sacco ReviewSeptember 28, 202504 mins

Cabinet Secretary for Co-operative and MSMEs, Wycliffe Oparanya has declared a suspension on new registrations and banned the use of loans to pay dividends to Sacco members. Speaking during the 34th Special General Meeting of Unaitas Sacco in Nairobi, CS Oparanya said the move is part of a stringent crackdown on poorly managed savings and…

Why Kenyans still prefer SACCO to Bank Loans

Sacco ReviewSeptember 8, 202509 mins

A move by commercial banks to cut their lending rates after intense pressure from monetary authorities is attracting the attention of many financial services users. Do these latest cuts in the price of bank loans pose any threat to SACCOs, considered serious players in the lending business and Kenya’s financial sector? “This trend to lower…

Why SACCOs are yet to fully embrace Credit Information Sharing

Sacco ReviewSeptember 8, 202507 mins

Ms. Ndegwa, in an interview with SACCO Review, said that the use of credit scoring as an assessment tool when considering whether to give a loan product to a SACCO member is already happening, particularly where SACCOs are offering mobile loans. “Members apply for mobile loans on online platforms using the mobile app and the…

Banks set for new risk-based pricing model as clients with poor credit history to pay more for loans

Sacco ReviewSeptember 3, 202505 mins

Central Bank of Kenya (CBK) Governor Kamau Thugge has announced that in the next three months, commercial banks are expected to have transitioned to the new risk-based pricing models with new loans expected to be priced using the new framework beginning December 1, 2025. The model pegged on the Kenya Shilling Overnight Interbank Average (KESONIA),…

Afresa Sacco boosts Kisumu’s Boda Boda sector with financial support

Sacco ReviewJanuary 9, 202505 mins

Kisumu County’s boda boda sector has received a major boost as Afresa Sacco has stepped in to support them with their financial needs. Members will now be able to save and borrow with low interest rates. Afresa Sacco, which has been in operation for more than two years, as stated by the chairperson of the…

Business stakeholders call for stringent measures to curb predatory digital lenders

Sacco ReviewNovember 29, 202405 mins

Business stakeholders led by former legislator Lewis Nguyai have called on parliament to come up with stringent measures to cushion Kenyans who access loans from predatory digital lenders. Speaking when he appeared before the Departmental Committee on Finance and National Planning to make his submissions on the Business Laws (Amendment) Bill, 2024 the former MP…

Tower Sacco deposits hit 21B to move 3 places up the overall rankings

Sacco ReviewOctober 25, 2024October 25, 202405 mins

Tower Sacco’s share capital and deposits increased by over Ksh3 billion in the last eight months to move from position 8 to 5 in a pool of 174 deposit-taking Saccos. According to Sacco Society Regulatory Authority (SASRA) in its Annual Sacco Supervisory Report 2023 which was released recently, the Sacco was ranked fifth under Large…

Why collaterals are gaining popularity over unsecured loans

Sacco ReviewOctober 14, 202407 mins

As competition stiffens from commercial banks, majority of Savings and Credit Cooperative Societies (Saccos) are making clever moves to accept personal security such as title deeds and log books in place of the traditional guarantors for loans. In recent years, a significant number of Saccos across the country have reportedly been giving members the option…

Building Your Future: Why SACCOs Are Key to a Secure Retirement

Sacco ReviewOctober 8, 2024October 8, 2024010 mins

Saving for retirement is one of the most important financial decisions individuals need to make during their working lives. It is essential to ensure financial security and peace of mind in one’s later years. However, many people struggle with planning for retirement due to limited access to pension schemes, financial illiteracy, or inadequate income. Savings…

Cooperatives in Nakuru to benefit from KCB Chama APP

Sacco ReviewMay 24, 2024May 24, 202402 mins

Kenya Commercial Bank (KCB) Nakuru Branch has developed KCB Chama App that aims to assist cooperatives and Chamas on handling finances, taking loans or saving towards an a goal. KCB Nakuru Branch Manager Christine Keter while speaking in Nakuru on Thursday, May 23, 2024 where she led a team from the lender in a meeting…