Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Since 2023, Kenyans, especially those working in formal employment, have faced tough times with increased taxation and new statutory deductions eating into their payslips. Over the last three years, the government has increased deductions among salaried Kenyans with the Social Health Insurance Fund (SHIF), requiring a mandatory contribution of 2.75% of an employee’s gross monthly salary….
Cooperatives Principal Secretary (PS) Patrick Kilemi has warned Savings and Credit Cooperative Organizations (SACCOs) against venturing into unregulated investments, urging stronger governance structures and tighter internal controls to protect member funds. Speaking at the 1st Regulatory Policy and Legal Roundtables for NWDT SACCOs, PS Kilemi said the growing appetite for investments outside the regulatory framework…
The Sacco Societies Regulatory Authority (SASRA) has called for deeper reforms and stronger oversight to safeguard members’ savings, as the Specified Non‑Withdrawable Deposit‑Taking (NWDT) sector continues to expand. Speaking during the 1st Regulatory Policy and Legal Roundtables for NWDT SACCOs, SASRA Board Chairman Jack Ranguma said the forum comes at a critical juncture, five years…
The Commissioner for Cooperatives Development, David Obonyo, has sounded a stern warning to cooperatives and savings and credit societies (Saccos) that resort to borrowing money to declare dividends and rebates. Speaking during the launch of a four‑year strategic plan for Mhasibu Sacco, Obonyo said such practices amount to deception and will attract punishment under tightened…
Youth and women in Rabai Sub-County, Kilifi, have been called upon to strengthen cooperation and embrace the formation of Savings and Credit Cooperative Societies (Saccos) as a pathway to economic empowerment and sustainable development. Speaking recently, in Rabai, the newly appointed Sub-County Cooperative Officer, Mr. Raphael Barawa, underscored the importance of cultivating a strong saving…
The Ministry of Cooperatives and Micro, Small and Medium Enterprises (MSME) Development has issued a stern warning to SACCOs (Savings and Credit Cooperative Societies) that have failed to file their annual returns, confirming that those who remain non-compliant risk having their licenses revoked. Cabinet Secretary  for the Ministry of Cooperatives and MSME Development, Wycliffe Oparanya,…
Kenya’s cooperative movement is staring at a historic transformation, with sector leaders deliberating over a proposal to rebrand SACCOs as credit unions, a move described as largely semantic but symbolically weighty in a country where SACCOs remain deeply embedded in the financial lives of millions. The discussions took place during the Leadership, Ethics and Strategic…
Savings and credit co-operatives (Saccos) have received a roadmap for adopting artificial intelligence (AI) tools as the sector explores how emerging technologies could improve efficiency, risk management and member services. The guidance, developed for credit unions globally by the World Council of Credit Unions (WOCCU), outlines in a white paper how financial cooperatives can integrate AI…
Savings and Credit Co-operative Societies (SACCOs) could soon be required to adopt mandatory whistle-blower policies as part of sweeping reforms aimed at improving transparency, governance and accountability in the sector. The proposal is contained in a report by a Committee of Experts reviewing Kenya’s SACCO legal and regulatory framework. The committee recommends that SACCOs establish…
Former Education Cabinet Secretary Ezekiel Machogu has called on school leavers and university graduates to embrace Savings and Credit Cooperative Organisations (SACCOs) as a pathway to financial stability and empowerment. Speaking during a youth empowerment forum hosted by the Kisii Youth Bunge Sacco, Machogu said young people must harness their education, creativity, and talents to…
