Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The government has identified cooperatives as the vehicle through which it will achieve its transformational objective of improving lives and promoting economic growth. Cooperatives Cabinet Secretary (CS) Simon Chelugui said the national transformation agenda will focus on several key areas such as food security, financial inclusion, nutrition, infrastructure, production, education, healthcare and economic development. He…
Saccos are increasingly winning county government staff into the cooperative movement but are dragging their feet on investing in multiple sectors at grassroots level in order to deepen their relevance in the economy. The lack of properly structured internal policies for making targeting investments is standing in the way of the pace of their integration…
Employer based Saccos must now adopt alternative methods to generate income and remain afloat even during difficult economic times rather than relying on the unreliable employers who might remit their employees deduction at their own volition, leaving the societies at the verge of collapse when they cannot support their operations. “Non -remittance of the dues…
Disputes in co-operative sector will now be handled by the Co-operative Court which will stand on its own aside from the existing Co-operative Tribunal, if the draft bill will be enacted into law. The Draft Co-operative Bill, 2021 which if enacted into law will repeal the long-term Co-operative Societies Act which was enacted in December…
The urge to splurge out cash on secondary needs is slowly driving the youth away from saving. Savings are considered critical funding sources, which enable governments, institutions and individuals undertake investment projects. Harrison Song’e, the chief executive of Airports Sacco regrets that the younger generation is mostly driven by spending more than savings. This, he…
The proposed Co-operative bill will see the transformation of Co-operatives in the country into a four-tier structure of primary, secondary, co-operative federations and apex co-operatives. According to the Draft Co-operatives Societies Act 2021, Primary Co-operatives, which may admit into its membership a corporate or an unincorporated person, shall include producer, housing, Saccos, savings and investment,…
Good corporate governance is a system by which an organization is directed, controlled and held accountable by its shareholders and stakeholders. In this case, good corporate governance goes beyond compliance with basic legal requirements. It provides a framework on which a culture of business integrity, accountability and standardized best business practices are established. The Sacco…
A 2020 Survey conducted by the State Department for Co-operative Development revealed that there are 5,723 dormant cooperatives, which are at risk of losing its assets to unscrupulous officials. Kenya Society of Professional Co-operators (KSPC) has called on the government to develop policy guidelines that will help to safeguard assets of cooperatives that may fall…
Yetu Sacco Society has opened a new branch in Chuka town, Tharaka Nithi County in a bid to reach out to more members. Sacco Chairman Mark Gitonga assured members that their money is safe and advised them to apply for loans, stressing that the frequency of getting the loan will be determined by the rate…
Rose Wambua, a former senior banker at the Cooperative Bank of Kenya, has advised livestock farmers to have farm insurance covers for their cattle. Wambua said the move ensures farmers who lose their animals due to drought receive compensation to either allow them to restock faster or invest in other productive activities. “Livestock insurance aims…
