GDC Sacco Society LTD Chairman Mburu Gitau. GDC Sacco members during the Annual General Meeting.

GDC Sacco seeks to grow its asset base to KSh8.5 billion

GDC Sacco Society Ltd (GDC) has embarked on an ambitious plan to grow its asset base to KSh8.5 billion as it seeks to be among the top 50 Saccos in the country. The Sacco which currently has over 34,000 members, who are mainly dairy farmers in the agriculture-rich Githunguri Sub-county in Kiambu County, is keen…

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Insider Lending: A dilemma for Saccos and financial sector

Insider lending is a process where a Savings and Credit Co-operative Society (Sacco) or a financial services institution advances loans to its officers or directors. However, in some developed countries, such as the United States, it is a requirement that such loans are charged at the same interest rate, repayment terms and credit evaluation criteria…

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Market Day Traders Savings and Cooperative Society members during the AGM at Aram market in February 2024.

One-year-old Sacco becomes youngest to hold AGM this year

The Market Day Traders Savings and Cooperative Society has become the youngest to hold an Annual General Meeting (AGM) this year. The fast growing Sacco which is barely one-year-old has surprised players in the cooperative industry due to its fast paced growth in the fast changing trends within the sub sector. According to the Chairman…

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Commissioner for Co-operative Development David Obonyo (right), Hazina Sacco National Chairman Evans Kibagendi (centre) and Director Paul Mwangi during Hazina Sacco ADM in Nairobi recently. Photo: Obegi Malack

Hazina Sacco members told to focus on affordable loans

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…

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CPA Ronald N. Bwosi. Group Managing Partner Ronalds LLP.

How effective external audit can improve Sacco governance and performance

Savings and Credit Cooperative Societies (Sacco) external Annual Audits are a standard practice undertaken by all Saccos in Kenya whether Deposit Taking or Non-Deposit Taking. This routine has gone on for a long time but in most cases, External Audit has not yielded the necessary and much anticipated benefits to various Saccos. Good external audit…

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Antony Kering being celebrated after being elected to lead the Kenya National Police DT SACCO Bungoma branch.

Kenya National Police DT SACCO Bungoma branch elects new officials

The Kenya National Police DT SACCO Bungoma zone finally has new officials after the branch held elections recently after several postponements. In the elections held at Bungoma Police Station with 383 members, Antony Kering garnered 103 votes, closely followed by Zebedee Otee with 102 votes while Victor Kiprotich got 76 votes and Mary Odhiambo garnered…

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Rosterman artisinal miners during the launch of the Sacco.

Gold miners in Kakamega Central launch Sacco

Artisanal miners from Rosterman area have a reason to smile after Kakamega Central Miners Sacco was launched recently. The development is in line with the directive by the State Department for Mining that all artisanal mining activities be carried out through Saccos only. County Artisanal Mining Committee (AMC) Chairperson Chairperson Patrick Ligami said that the…

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SASRA CEO, Peter Njuguna.

Number of Sacco female employees on the rise, SASRA says

The number of female employees in regulated Saccos in the country has been steadily rising, surpassing that of male employees, SASRA’s Sacco Supervision Report 2022 has revealed. According to the Report, female employees in regulated Saccos account for 50.61% of the total employees with males accounting for 49.39%. It also reveals that within the DT-SACCOs…

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Officials and cooperative representatives from Ghana.

Ghanaian officials in Kenya to benchmark cooperative movement

Senior officials from the Government of Ghana, including representatives from the Ghana Co-operative Credit Unions Association (CUA), Ministry of Finance, and the Department of Cooperatives, are currently in Kenya to benchmark the country’s cooperative movement which is considered the largest in Africa. According to the 2022 Statistical Report by the World Council of Credit Unions,…

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