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Hazina Sacco members told to focus on affordable loans

Sacco ReviewFebruary 26, 2024February 26, 202402 mins

Commissioner for Co-operative Development David Obonyo has challenged Savings and Credit Cooperative Organizations (Saccos) members to focus on getting affordable loans from their Saccos rather than high dividends. Speaking during the recently concluded Hazina DT Sacco Annual Delegates Meetings (ADMs) in Nairobi, he asked members to have long term investments through the Saccos, since co-operative…

ACK Imani Talent Sacco embarks on rigorous member recruitment drive

Sacco ReviewDecember 4, 2023December 4, 202302 mins

ACK Imani Talent Sacco has embarked on a rigorous member recruitment drive to boost its capital base. Every Sunday, the church-based Sacco, which was ranked the third best Sacco in Nakuru County during this year’s Ushirika Day celebrations, sends its marketers for member recruitment campaigns in various ACK churches within Nakuru diocese. Recently, the Sacco’s…

Critical obligations of Sacco members

Sacco ReviewOctober 10, 2023October 10, 202305 mins

The growth of Saccos in Kenya has shown how important they are in providing affordable financial services and enabling easier access to savings and credit for members. Saccos have therefore impacted the economic growth experienced in Kenyan communicates. More often than not, we place a lot of emphasis on the achievements of the Sacco but…

SASRA: Sacco membership hit 6.42M in 2022

Sacco ReviewSeptember 7, 2023September 7, 202303 mins

The Sacco Supervision Annual Report 2022 has revealed that Sacco membership grew by 7.02 per cent to hit 6.42 million. For the year ending 2022, membership in deposit taking Saccos stood at a staggering 5.96 million, representing an increase of 7.34 per cent. For non withdrawable deposit taking Saccos, membership increased by 3.14 per cent…

Why Saccos are against rules favouring special members

Sacco ReviewJuly 6, 201807 mins

By Patrick Odenyo Savings and Credit Co-operative Organizations (Saccos) are warning that the proposed changes in laws governing the sector are likely to stifle growth and put members’ savings at risk. According to Co-operative Alliance of Kenya (CAK) Executive Director Daniel Marube, the proposals contained in the Sacco Societies (Amendment) Bill 2018 will open room…

Urithi to construct 5,000 houses for members

Sacco ReviewApril 26, 201802 mins

By James Wakahiu Urithi Housing Co-operative Limited will construct 5,000 housing units this year for its members. Urithi Marketing Director Kevin Manjau Muthuri said the initiative will ensure their members get decent and affordable houses and stop living in rental houses. Muthuri said his society will be complementing the Jubilee’ agenda of providing decent and…

Safaricom Sacco lands Tier One status

Sacco ReviewApril 26, 201802 mins

By Munene Maina Safaricom Sacco has finally bagged the coveted ‘Tier One Sacco status’ ranking by Societies Regulatory Authority (SASRA). “As we climb towards the top, it gets steeper; however we are optimistic we shall break into the larger Tier deposit-taking Saccos,” said Collins Ogutu, Safaricom Sacco Chairman. The Sacco closed the fiscal year 2017…

Cosmopolitan Sacco targets four satellite offices to grow its business

Sacco ReviewMarch 22, 201802 mins

By Munene Maina Cosmopolitan Sacco intends to open four additional satellite offices in an effort to take services closer to members. The Sacco has five branches namely Nakuru, Naivasha, Bahati, Molo and Narok. In 2016, the society paid members Sh296 million dividends and interest, a growth of 21 per cent increase from the year 2015….

Much-hyped Common Bond hits the rocks

Sacco ReviewMarch 21, 201805 mins

By Azael Masese The Government will put brakes on expansion of Savings and Credit Co-operatives (Saccos) to ensure there is regulated growth and financial stability in the sub-sector. Senior Deputy Commissioner in the State Department of Co-operatives Geoffrey Njang’ombe said loan repayment is posing a serious challenge hence the need to take the necessary steps….