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County organizes capacity building for Coops, Saccos to enhance productivity

Sacco ReviewJune 10, 2023June 10, 202302 mins

Uasin Gishu county department of Trade, Industrialization, Tourism, Cooperatives and Enterprise Development has organized a highly impactful capacity building and training exercise for Saccos and cooperatives to enhance the movement’s productivity in the area. The department’s CECM Martha Cheruto said the training focused on share mobilization, bookkeeping and auditing, management strategies and embracing new technological…

High uptake of Hustler Fund loans a threat to Saccos, banks

Sacco ReviewJune 9, 2023June 9, 202304 mins

The enthusiasm by small rural based enterprises in Embu County in embracing the group based Hustlers’ Fund loans is bound to give stiff competition to Saccos and banks for customers, former Commissioner of Cooperatives Geoffrey Njang’ombe has warned. The launch of the second phase of the Hustler Fund will see registered groups qualified for loans…

Study emphasizes role of financial service providers in boosting SMEs growth

Sacco ReviewJune 9, 2023June 9, 202303 mins

A study by the Financial Access Initiative (FAI) has shed light on the role of entrepreneurs and financial service providers in providing SMEs with customized credit facilities to enable them improve their services. Titled Kenya Small Firms Diaries Study, the study revealed that 51 per cent of the adult population in Kisumu county own small…

MP urges boda boda riders to form Saccos for financial independence

Sacco ReviewJune 9, 2023June 9, 202303 mins

ODM nominated MP for Youth Umulkheir Harun has urged boda boda riders to form Saccos to empower them to greater socio-economic heights. Speaking during the end of a three month long drive to register boda boda operators in Garissa Township, Harun called on national leaders and public institutions to empower the riders who are key…

Daima Sacco trains tea farmers on diversified farming methods

Sacco ReviewJune 8, 2023June 9, 202302 mins

Tea farmers from Embu county have been trained on diversified farming methods which include planting fruit trees and food crops in a single field as well as livestock and aquaculture farming as a means to achieve food security and financial security. The training was courtesy of Daima Sacco. Speaking at Kigari Teachers Training College, Sacco…

Do cooperatives still value the democratic member control principle?

Sacco ReviewJune 6, 2023June 6, 202307 mins

As a financial year comes to an end, cooperatives need to review the year’s performance through the annual general meetings. Cooperatives are democratic organizations that are controlled by members, who actively participate in setting policies and making decisions. Members are the source of all authority and the basic unit of democratic control. Members need to…

SMEs appeal for help to venture into sustainable productions

Sacco ReviewJune 6, 2023June 6, 202304 mins

Small rural based enterprises, especially women groups in Embu county, have appealed for help from various experts in the cooperative movement to help them create ecofriendly products. One such enterprise is Kiritiri Kwimenya Self Help Group which makes eco-friendly Kiondo bags from sisal fibre. The bags are mainly sold through barter trade with maize growers…

Sacco self-regulation key to restoring sanity in coop sector

Sacco ReviewMay 16, 2023May 16, 202303 mins

Following the liberalisation of the cooperative sector vide the Sessional Paper No 6 of 1997 and the subsequent enactment of the Cooperative Societies Act , No.12 of 1997 (Amendment 2004), supervisory committees were introduced in all cooperatives. Their mandate is to oversight cooperatives, a function that had hitherto been played by cooperative officers from the…

Co-operatives set for a dividend bonanza from Co-op Bank’s Ksh8.8B cash dividend payout

Sacco ReviewMarch 29, 2023March 29, 2023011 mins

By Felix Wanderi Co-operative Bank board of directors has recommended a dividend of Ksh 1.50 per share, subject to approval by the regulators and shareholders. Co-op Bank Group CEO Gideon Muriuki said the proposed dividends represent a 50 per cent increase on the Ksh 1.00 per share paid out last year. He added that the bank will pay out a…

Saccos urged to develop neobanks

Sacco ReviewJuly 6, 2022July 6, 202204 mins

By David Kipkorir Savings and Credit Co-operatives (Saccos) have been urged to turn their institutions into neobanks (online banks without traditional physical branch networks). Cynthia Wandia, the Chief Executive Officer (CEO) and Co-founder of Kwara Limited recently said that turning Saccos into neobanks will help them deal with industry challenges and build new customer bases….