SACCO

Change beckons as KUSCCO boss hints at coops forming federations

All Cooperatives will in future become federations and subscribe to an apex body, Kenya Union of Savings and Credit Cooperatives (KUSCCO) Group Managing Director George Ototo has hinted. A restructured Cooperative sector will ensure sustainability and viability as it will solely depend on the subscription of the cooperative members. “The economic participation of our business…

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SACCO

Govt issues guidelines on maximum borrowing powers by cooperatives

The national government has issued guidelines on approval of maximum borrowing powers by cooperatives. Commissioner for Cooperatives Development David Obonyo stated that the guidelines are to enhance good governance and leadership in the cooperative sector. In a letter dated August 16, 2023 directed to County Directors/ Commissioners for Cooperatives, CEO/MD- Cooperative Alliance of Kenya, Chairpersons…

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sacco

Why effective communication to  Sacco members is important

One of the most important things a Sacco should do to succeed is to focus on elaborate flow of information. Sacco leaders should ask themselves the extent to which members have access to necessary information about their Sacco. It is important for members to know everything about their Sacco right from their savings, loans eligibility,…

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sacco

Gov’t urged to pay salaries through Saccos

Amica Sacco Chairman Hezron Maina Muchiri has asked the government to channel salaries for public servants and payment to suppliers through Saccos. Muchiri said the money will boost Sacco portfolios and also improve their financial status. He lamented that payment of civil servants and entrepreneurs exclusively through banks was alienating Saccos from the national payment…

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SACCO

Worry as Hustler Fund loan defaults hit Ksh2.9B

The president’s advisor on matters of financial inclusion Moses Banda has revealed that Hustler Fund loan defaults has already hit Ksh2.9 billion. This figure has surpassed the default books held at commercial banks, Saccos and microfinance banks combined. Speaking during a recent interview, Banda revealed that the high defaults represent 29 per cent of the…

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SACCCO

Saccos to attract more mortgage refinancing

Kenya Mortgage Refinancing Company (KMRC) hopes there will be increased healthy competition in the sub-sector that has been dominated by commercial banks after Saccos entered into the mortgage space. They are now looking forward to making affordable housing a reality because Saccos offer loans at a low interest rate and are easily accessible to many…

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County to train Coop leaders on prudent management

Nyeri County government will train all cooperative society officials to enhance prudent management in the sector. Governor Mutahi Kahiga said the training will be done annually. “We shall be getting all the board members from coffee, milk cooperatives and Saccos among others and train them so that their management and governance skills are enhanced,” he…

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Report: Cooperatives yet to fully embrace digital technology

A cooperative society baseline survey conducted recently found that many Saccos have no websites, email addresses and other digital assets, resulting in the low level of digitization in cooperative societies governed by the State Department of Cooperatives (SDC). Earlier on, the SDC engaged in a campaign urging co-operative movements notably the Saccos to go digital…

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