Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Listen up, SACCO members: If you’re about to slap your signature on a loan guarantee form for a colleague or another member, pause. Take a deep breath. Then shred that thing unless you’ve done your homework. In the cutthroat world of cooperative lending, guaranteeing a loan isn’t some noble act of camaraderie-it’s a financial landmine…
In the bustling world of finance, where banks chase profits and fintechs disrupt with algorithms, Savings and Credit Cooperative Organisations (SACCO) stand as beacons of community-driven empowerment. As someone who’s long admired the grassroots ethos of SACCOs—rooted in mutual aid and shared prosperity—I’ve often pondered how these member-owned entities could evolve beyond mere savings clubs…
SACCO membership and usage in Kenya continue to grow, with the latest 2024 FinAccess Household Survey (SACCO Sub-Sector Report) showing an increase from 9.6 percent in 2021 to 11.7 percent in 2024. The growth is attributed to more households joining SACCOs that offered relatively affordable loans during the high-interest-rate period. The FinAccess Surveys also highlighted…
Data mining is extracting meaningful, significant, implicit, largely undiscovered, potentially beneficial patterns or knowledge from massive amounts of data. It is the series of steps to discover new, hidden, or unexpected ways in data Data mining is not just about understanding the past but also about preparing for the future. It helps businesses understand demand…
The Sacco Societies Regulatory Authority (SASRA) Chief Executive Officer, David Sandagi, has outlined major reforms aimed at strengthening Kenya’s cooperative sector during a high-level panel discussion at the 4th Annual Cooperative Movement Stakeholders’ Forum held at Lake Naivasha Resort. The forum, themed “Shaping the Future of Co-operatives: Leadership, Innovation and Sustainable Growth,” brought together cooperative…
Social media influencer and actress Azziad Nasenya is embroiled in a legal dispute with Qona Deposit Taking Savings and Credit Society, accusing the sacco of unlawfully listing her Ksh 20 million apartment for auction. The dispute, which is currently before a commercial court in Nairobi, centers around claims that the sacco moved to auction her…
The Sacco Societies Regulatory Authority (SASRA) has issued a stern warning to external auditors who fail to submit mandatory statutory reports on time, saying they risk permanent deregistration and a lifetime ban from auditing any cooperative institution in Kenya. In a circular released this week, SASRA revealed that several audit firms had either failed to…
Do you have an elaborate flow of information in your Sacco? And to what extent do your members access the necessary information about their Sacco. In the 21st century people want to be informed about everything about their savings, credit performance, investment and any other thing that affect their lives. It would be prudent to…
In a stunning revelation that exposes the gaping chasm between Kenya’s political elite and the everyday struggles of ordinary citizens, Members of Parliament, MPs have emerged as the top defaulters in the country’s Savings and Credit Cooperative (Sacco) sector, racking up nearly Ksh1 billion in unpaid loans by the end of 2024. According to the…
The government is planning to review the SACCO Societies Act and the regulations to explore ways of coming up with a shared technological services platform for all small cooperatives entities. This was announced by the Cooperatives and MSME Cabinet Secretary, Wycliffe Oparanya announced that a committee of experts has been set to review related acts…
