Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Leaders and farmers from the sugar belt want the role of Saccos redefined in the new sugar law to drive sugarcane development activities. Speaking during a sugar summit held in Kakamega, the leaders proposed that Saccos and outgrowers companies be the key drivers in sugar development and management. “Notable cane out growers companies and Saccos…
One of the key reforms introduced in the judicial system by the 2010 constitution was the implementation of Alternative Dispute Resolution mechanisms (ADR), which aimed to settle disputes in various sectors, including cooperatives. During the era of the Cooperative Societies Act, 1966, I vividly recall how cooperative disputes were resolved through a process known as…
Vipingo Workers Savings and Credit Cooperative Society Limited, established in 1988 to cater for the financial needs of workers in Kilifi South, Kilifi County, faces an uncertain future due to mismanagement of members’ funds. The Sacco’s instability is caused by irregular lending practices. The chronic financial mismanagement, highlighted by a Ksh41 million loss in an…
Ollin Sacco fraternity is in mourning following the demise of their beloved Chairman, Director Geoffrey Njoka Njeru. Until his demise, which occurred on September 7, 2023, Njoka also served as the Principal Head Teacher of Rwambiti School in Kirinyaga County. He will be laid to rest on Friday, September 15, 2023 at his family home…
The annual Savings and Credit Cooperative Organizations (SACCOs) supervision report 2022 released by Sacco Societies Regulatory Authority [SASRA] has revealed that 49 agriculture-based SACCOs have topped the charts in loan defaults by the ratio of 18.42 percent, more than double the industry average. Notably, these 49 agriculture-based Saccos represent the largest membership within the sector,…
The best choice for the youth to achieve the much sought after financial empowerment is for them to join good Saccos. Offering young entrepreneurs admission into Saccos and other accelerators alleviates the risk and fear that comes with taking the leap into entrepreneurship alone. Enterpreneurhsip is an area where many youth have feasible ideas about…
The 2022 Sacco Supervision Annual Report revealed that the cumulative core capital of DT Saccos grew from Ksh109.29 billion in 2021 to reach Ksh124.89 billion in 2022. The institutional capital to total assets ratio, which tests the ability of DT Saccos to build their capital from retained earnings and surpluses, increased from 9.15 percent recorded…
A report from SASRA investigative unit (Sacco Societies Fraud Investigations Unit) has revealed that the Sacco sub-sector suffered an enormous loss of Ksh118.1 million in the last two years due to fraud. An additional Ksh114.4 million is suspected to have been lost in the same period. The investigative unit revealed that the fraudsters have been…
Cooperatives today have become very important drivers of personal financial growth and the route to members’ economic empowerment. Since the first cooperative society was formed in Kenya and its subsequent success, both the private and public sectors embraced them as vehicles to financial breakthrough. Cooperatives must adopt the best policies, bylaws and strategies because good…
Kenya Union of Sugar Plantation and Allied Workers (KUSPAW) has demanded the clearance of outstanding salary arrears before any further reforms or changes are made in the sugar sub-sector. During the National Assembly joint committee meeting on Finance, National Planning & Agriculture co- chaired by Dr. John Mutunga and Kuria Kimani, the workers said the…
