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Public varsities, colleges owe highest non-remitted funds to SACCOs

Sacco ReviewSeptember 13, 2024September 13, 202403 mins

Public universities and tertiary colleges owed the largest proportion of non-remitted funds for SACCOs in 2023, a report by Sacco Societies Regulatory Authority (SASRA) has revealed. According to the Sacco Supervision Annual Report 2023 released this week, the institutions owed Ksh958.07 million which translates to 37 per cent of the total non-remitted funds. Subsequently, county…

Saccos Urged to Innovate New Products to Boost Active Membership

Sacco ReviewSeptember 12, 2024September 12, 202402 mins

The Sacco Societies Regulatory Authority (SASRA) has urged Saccos to develop new savings and credit products tailored to the changing needs of members, a move that will greatly reducing dormant accounts. SASRA, in a report released on Wednesday, noted that reactivation of dormant accounts should be the top priority for Saccos that seek to boost…

SASRA: Saccos’ assets, deposits record growth in 2022 despite economic challenges

Sacco ReviewSeptember 2, 2023September 2, 202305 mins

The SASRA Sacco Supervision Report 2022 has revealed that total assets by the Sacco sub-sector grew by 11.79 per cent with those from Deposit Taking (DT) Saccos standing at Ksh763.50 billion while those from Non-Withdrawable Deposit Taking (NWDT) Saccos shot to Ksh126.80 billion up from Ksh116. 02 billion recorded in 2021. The increase reflects a…

More Saccos moving towards agency model to reach more members

Sacco ReviewSeptember 1, 2023September 1, 202302 mins

Saccos hired 3,430 agents in towns across the country in a strategy aimed at ensuring efficient and effective services for their members. According to the Sacco Supervision Report for 2022 released by the Sacco Societies Regulatory Authority (SASRA), 36 Deposit-Taking (DT) Saccos hired 3,430 agents to help them handle customer transactions, which helped to cut…

Treasury to deduct Sacco remittances for Gov’t agencies in proposed law

Sacco ReviewSeptember 1, 2023September 1, 202302 mins

Sacco Societies Regulatory Authority (SASRA) is set to propose a law that will see the National Treasury deduct money directly from funds allocated to public agencies. This is after the Sacco Supervision Report for 2022 indicated that 80 regulated Saccos did not get Ksh2.67 billion from employers, which were deductions from the pay of 66,452…

Kenyans prefer Sacco credit to buy land, houses, SASRA reveals

Sacco ReviewAugust 31, 2023August 31, 202303 mins

Land and housing-related borrowing from credit advanced by Saccos jumped to 33.2 percent in 2022 according to a report released by the Sacco Societies Regulatory Authority (SASRA). The massive increase is 26.9 per cent up from what was recorded in 2021 showing the aggression by Saccos in empowering its members to acquire land and houses….

SASRA: Harsh economic times forces Kenyans to withdraw Sacco savings

Sacco ReviewAugust 31, 2023August 31, 202303 mins

The Sacco Societies Regulatory Authority (SASRA) has reported that Kenyans cashed out Ksh30.8 billion of the money saved in Saccos in 2022. “This can be attributed to the high cost of living, which has resulted in members withdrawing their savings for consumption purposes,” said the report. The latest supervisory report also showed that withdrawable deposits…

Report sheds light on why affordable housing is a pipedream

Sacco ReviewAugust 21, 2023August 21, 202307 mins

Inadequate supply of affordable housing, high incidental costs, slow property registration and titling process and high cost of land for construction have been identified as some of the reasons most Kenyans are unable to own modern houses, a new report has shown. According to Kenya Mortgage Refinance Company (KMRC) 2022 Annual Integrated Report and Financial…