Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Kaloleni Sub-County Cooperative Officer Evans Malombo has revealed that the 32 registered cooperative societies in the area have disbursed loans amounting to Ksh175,420,309. He noted that the cooperatives have mobilized a turnover of Ksh41,424,998 and share capital of Ksh19,387,684. “Sadly, only 18 cooperatives are active,” he lamented, noting further that membership currently stands at 2,158….
A recent report by SASRA has revealed that Sacco accounts holding more than Ksh1 million stood at 92,000 by the end of 2022. This is a 29.6 per cent rise from about 71,000 accounts reported in 2021. The 92,000 accounts, an equivalent of 0.63 per cent of all the 14.52 million accounts, held Ksh163.3 billion…
Greenland Fedha Limited, a subsidiary of Kenya Tea Development Agency (KTDA), has issued loans worth Ksh10 billion this year compared to the Ksh5 billion it disbursed to small scale tea farmers the year before. The high amount issued follows the company’s move to deep slash the interest rates in December 2021. Greenland Fedha Limited Chairman…
Former Gor Mahia striker Achieng Jared has talked of the need to turn Gor Mahia Legends Welfare Group into a Sacco. His sentiments follow Information Communication and Technology Cabinet Secretary Eliud Owalo’s move to pump a seed capital of Ksh1 million into the welfare group for sustainability and to enable them undertake income generating projects. “A…
Universal Traders Sacco has awarded Agnes Kalondu Nzuki a Toyota Probox, the car she won from a Ksh2000 stake she deposited to enter the grand draw at Kenyatta Stadium in Machakos County. The elated lady from Mutituni/ Ngelani Ward in Machakos County could not believe her luck. She was among the numerous winners who walked…
The 2022 SACCO Supervision report has revealed a concerning trend of how SACCO members sought more loans than they had deposited. According to data from the SACCO Societies Regulatory Authority (SASRA), SACCOs held deposits of Ksh620.45 billion but loaned out Ksh680.35 billion by the end of 2022. The loan book grew by 11.8% from Ksh608.75…
The 2022 Sacco Supervision Annual Report revealed that the cumulative core capital of DT Saccos grew from Ksh109.29 billion in 2021 to reach Ksh124.89 billion in 2022. The institutional capital to total assets ratio, which tests the ability of DT Saccos to build their capital from retained earnings and surpluses, increased from 9.15 percent recorded…
A report from SASRA investigative unit (Sacco Societies Fraud Investigations Unit) has revealed that the Sacco sub-sector suffered an enormous loss of Ksh118.1 million in the last two years due to fraud. An additional Ksh114.4 million is suspected to have been lost in the same period. The investigative unit revealed that the fraudsters have been…
Mrs. Agnes Kadzo Unda, a member of Imarika Sacco, can attest to the benefits of being a member of a Sacco. Unda joined the Sacco in 1982 after completing her P1 Teacher Training Course at Kagumo Teachers Training College. Speaking to Sacco Review in her residence in Ganda village in Malindi Sub County recently, Unda…
Unity Homes and Absa Bank Kenya have entered into an agreement to allow potential home buyers acquire houses in Tatu City through the affordable housing financing scheme. The collaboration will see the bank provide Kenya Mortgage Refinancing Company (KMRC)-backed mortgages with terms of up to 25 years. The price of modern apartments starts at Ksh5,950,000….
