Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
County governments have resolved to aggregate Small and Medium Enterprises (SMEs) into viable cooperative societies in a bid to grow the country’s economy through the bottom-up model. This decision was agreed upon during the meeting held recently at a Mombasa hotel to discuss collaboration by county and national governments in strengthening the Cooperative sector as…
Farmers have been urged to join cooperative societies to increase their bargaining power and access to credit. Uasin Gishu County Chief Officer for Agriculture Elphas Kesio revealed that the county government is committed to solving the challenges facing farmers including low produce prices and limited access to credit. He called on farmers to diversify their…
Kenya Union of Savings and Credit Co-operative (KUSCCO) has asked defaulting government institutions to release billions worth of statutory deductions they owe Saccos in the country. KUSCCO Group Managing Director George Ototo said the non remittance by the two governments had created operational challenges for many Saccos. Ototo added that it was imperative that urgent…
That cooperatives are member-based, member-owned and member controlled enterprises is not in dispute. It is an established norm that cooperatives globally are guided by the seven universally accepted cooperative principles and driven by values that aim to professionalise management of their affairs for the benefit of members. Universal cooperative principle no. 2 is on “democratic…
Robert Mbati Cheminingwa, a teacher by profession, borrowed Ksh750,000 from the Stawisha Sacco in 2013 to purchase five acres of land in Endebess, Trans-Nzoia County. He then decided to venture into potato farming and that was the turning point of his life. Before this loan, he had earlier on borrowed Ksh500,000 from the same Sacco…
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…
Chief Executive Officers (CEOs) of various Saccos have revealed why they are averse to lending to Small and Medium Enterprises (SMEs), top among the reasons being their lack of verifiable information. During this year’s National Cooperatives CEO’s Workshop in Mombasa organized by the Co-operative Bank, the Sacco heads decried lack of adequate information about SMEs…
As the country’s hard economic times bite, boda boda riders, farmers and traders from the Western region have been asked to join Saccos and invest in the future to cushion themselves against the current cash crunch.Speaking to journalists in Busia town, Faridi Sacco chairman Godfrey Saidi said many boda boda riders are facing a lot…
Machakos County Chief Officer (CO) of Cooperatives Benedict Ngumbau has urged officials of cooperative societies to uphold integrity and abide by the Cooperative Societies Act to ensure the survival of their cooperatives.Speaking after a visit to Komarock Housing Cooperative Society, the officer pointed out that most cooperatives fail due to mismanagement.“Cooperatives should ensure they hold…
2023 has presented an opportunity for cooperatives to renew themselves for business. At the beginning of this year, they looked back and evaluated on whether or not they achieved all the set goals in the previous year. They try to come up with well researched solutions to avoid having a repetition of unproductive strategies. Most…
