Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The national government has issued guidelines on approval of maximum borrowing powers by cooperatives. Commissioner for Cooperatives Development David Obonyo stated that the guidelines are to enhance good governance and leadership in the cooperative sector. In a letter dated August 16, 2023 directed to County Directors/ Commissioners for Cooperatives, CEO/MD- Cooperative Alliance of Kenya, Chairpersons…
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…
Over 70,000 farmers have benefited from loans worth Ksh 1 billion since the inception of the Agricultural Finance Corporation’s (AFC) cheap credit scheme in 2018 that targets to benefit women on agri-finance in Kenya. The money was accessed through Saccos, microfinance institutions and Micro, Small and Medium Enterprises (MSMEs) with AFC projecting to reach out…
The president’s advisor on matters of financial inclusion Moses Banda has revealed that Hustler Fund loan defaults has already hit Ksh2.9 billion. This figure has surpassed the default books held at commercial banks, Saccos and microfinance banks combined. Speaking during a recent interview, Banda revealed that the high defaults represent 29 per cent of the…
Retired teacher Simon Kabui Kabosh invested heavily in farming using loans he borrowed after saving with Eco-Pillar Sacco. The man who retired in January this year taught in many schools in West Pokot County and retired while serving as the head-teacher of Propoi Primary School. He lives in Aruba village, Sinyerere Scheme, Cherangany Sub County…
Small-scale traders in Siaya County have received business loans from Kenya National Chamber of Commerce and Industry’s (KNCCI) MasterCard programme. The KNCCI Siaya branch Chairperson Mrs. Roseline Omuga said the first group of traders at Kambare trading center in Gem sub-county have received a minimum of Ksh30,000 interest-free loans. She encouraged more traders from across…
Uasin Gishu County Executive Committee Member for Trade, Industrialization, Tourism, Cooperatives, and Enterprise Development Martha Cheruto has urged cooperators to work on increasing their Sacco shares and deposits to enable them to access the County Enterprise Development Funds that attract low-interest rates on loans. “Higher savings enable one to qualify for higher loans,” she said….
Bishop Meshach Mukwili of the Africa Brotherhood Church has urged both the national and county governments to provide more soft loans to farmers to enable them expand farms, create employment and boost food production. Speaking during a leaders’ forum in Wote Church, the bishop also reiterated that there is need for farmers to embrace technology so…
Stakeholders in the cooperative movement have been challenged to offer professional guidance on prudent financial management to start-up groups like SMEs to ensure such units mature to Saccos and Cooperatives. Former Commissioner for Cooperatives Geoffrey Njang’ombe argued that when well equipped with skills and funds management skills, the groups have the potential of expanding their…
Peter Kariuki is the Chief Executive Officer for Sheria Sacco, one of the leading tier 1 Deposit-Taking Saccos in the country. He speaks elaborately on his vision for the Sacco in an interview with our reporter. He talks about the Sacco’s expansion plan, achievements and challenges among other pertinent issues. Here are excerpts from the…
