Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Saccos have emerged as a vital force in Kenya, making a significant positive impact on communities. With their roots in the cooperative movement, Saccos have evolved into inclusive financial institutions that cater for diverse sectors, including agriculture and technology. Beyond financial services, Saccos also contribute to women empowerment and sustainable development. In a country where…
The group lending model has increasingly become popular among Saccos and Micro-Finance Institutions (MFIs) in recent years. This is largely based on its ability to leverage on joint liability and increased loan repayments while promoting entrepreneurial spirit among borrowers. Group lending methodology is a unique financial service for low income entrepreneurs. To obtain such a…
Sacco Societies Regulatory Authority (SASRA) has issued new guidelines on complaints management by cooperatives. According to the new guidelines, Saccos have only 21 days to investigate and solve members’ complaints. The days will be split into two; 14 working days for carrying out investigations into complaints and an additional seven days to communicate to members…
Lake Region Economic Bloc (LREB) Chief Executive Officer Victor Nyagaya has revealed that the bloc has decided to form a Sacco to sustain its economic model. Nyagaya said the bloc has already done the legal paperwork for registration and that they plan to start with a Sacco then gradually build it into a regional bank….
The government is negotiating with banking institutions to streamline their lending packages to accommodate small and medium enterprises, which are thought to be the pillar to the country’s future economy. Cooperatives Cabinet Secretary Simon Chelugui said the government was consulting with banks to restructure and be more attractive to the small and medium enterprises. Chelugui…
The International Day of Cooperatives Day is always a special occasion to celebrate the remarkable impact of cooperative enterprise and pay tribute to those that have changed countless lives and created shared prosperity in communities. And with Kenya boasting the largest movement in Africa, the eventful day, which Savings and Credit Co-operative Societies (Saccos) look…
The Co-operative movement in the country’s Western region can only register development if county governments put proper measures in place to support Saccos in their jurisdictions, seasoned co-operative expert Owuor Awuor has said. Owuor, who is a long time regional leader of the giant Ushuru Sacco, observed that most co-operative societies in the region are…
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. Speaking at the…
Garissa county Director of Cooperatives Samuel Karanja has expressed concern that with the aggressive mushrooming number of digital money lenders, the Sacco movement stands threatened. Speaking to Sacco Review in his office, Karanja lamented that the other challenge Saccos face is high loan defaults owing to the harsh economic times. “Most people opt for digital…
Over the years, Saccos have emerged as the new frontier of development in Kenya. With their flexible financial solutions, the institutions are transforming the lives of ordinary citizens by providing them with access to credit and savings facilities. As of 2021, there were over 15,000 registered Saccos in Kenya with a total membership of over…
