Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
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…
Savings and Credit Cooperatives (Saccos) and Microfinance institutions are expected to reap big following a move by the Central Bank of Kenya (CBK) to increase banks’ lending rates. CBK Governor Kamau Thugge raised the benchmark lending rates to the highest point in nearly seven years on heightened fear of a spike in consumer prices. The…
Products and services are the lifeblood of Saccos hence investing in them is crucial to business growth and profitability. Saccos most often come up with new products due to changes in member preference, increasing competition, advances in technology or to capitalize on new opportunities. Innovative cooperatives thrive by understanding their members’ wants, making smart product…
Busia County Executive Committee Member in charge of Trade, Industries, Investment and Cooperatives Omuse Olakachuna has revealed that the county government will enact laws that will strengthen cooperative societies in the region. Speaking at Busia Agricultural Training Centre in Busia town during the 101st Ushirika Day celebrations, Omuse disclosed that some of the issues they…
Saccos are dragging their feet on diversifying their investments into new areas such as health and education as the high demand for loans among members puts pressure on their wallets. Many Kenyan Saccos are stuck on the primary objective of enabling members to save regularly so as to create a pool of funds from where…
Githunguri Dairy and Community (GDC) Sacco has decried the double taxation that they are subjected to by the government, calling on policy makers to review the relevant laws that have seen them paying duplicated duty on loans advanced to members. According to Sacco chairman Joseph Gitau, they are taxed on members’ income and the same…
Co-operative societies in Kisumu County have been urged to join Sacco Societies Regulatory Authority (SASRA) to improve their financial situation.The officer in charge of cooperatives in Kisumu Central sub-County Philip Akama said they would organise a meeting for members in order to educate them on the importance of being a member of SASRA, a body…
Machakos County Governor Wavinya Ndeti has declared that cooperative societies working with rogue officials to dispossess members of their lands will be dissolved. Speaking outside her office after holding deliberations with the Senate Committee on Trade, Industrialization and Tourism following an invitation by Machakos Senator Agnes Kavindu and Drumvale Farmers’ Cooperative Society, the governor said…
