Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
By Our Reporter Surestep Sytems and Solutions Ltd has been rated highly among the leading ICT service providers in the Sacco sector. In a new Sacco Societies Regulatory Authority (SASRA) annual supervisory report, the company is one of the 12 credible service providers serving a high number of savings and credit co-operatives in the country….
By Our Reporter Co-operative Alliance of Kenya (CAK) has named Imarisha and Bandari Saccos as the best in the Coast region. CAK Executive Director Daniel Marube said the Saccos had greatly contributed to socio-economic development of residents in the region. Imarisha Sacco which is based in Kilifi County has an asset base of Sh8.2 billion…
By Patrick Odenyo Savings and Credit Co-operative Organizations (Saccos) are warning that the proposed changes in laws governing the sector are likely to stifle growth and put members’ savings at risk. According to Co-operative Alliance of Kenya (CAK) Executive Director Daniel Marube, the proposals contained in the Sacco Societies (Amendment) Bill 2018 will open room…
By Azael Masese The Government will soon dissolve more than 5,000 dormant co-operative societies as it seeks to tighten the loose ends in the otherwise vibrant sub-sector. Senior Deputy Commissioner in the State Department for Cooperatives Geoffrey Njang’ombe said that though there are more than 20,000 societies less than a half are active. “We want…
By Staff Writer There used to be a day when it would take one a whole day to travel from your house to the nearest Sacco branch, transact, paybills and travel back. Nowadays, you can transact and paybills on your phone in under 2 minutes and get on your business. Tangazoletu Limited, a Kenyan ICT…
By Our Reporter Kilifi County Secretary, Bibi Fondo has said Sh95 million will be allocated to women, youth and people with disabilities through Saccos to improve their living standards. Speaking during the official closing ceremony of Imarika Sacco Special Delegates Meeting recently Fondo said that many people in the country have managed to accomplish their…
By Mary Wanjiru Ndung’u Savings and Credit Co-operative Society’s (Saccos) membership recruitment is an ongoing process that requires planning and a well thought out strategy. The reasons as to why Saccos need to constantly recruit is so as to grow their membership base, maintain their relevance and strengthen their financial muscle. Recruiting is the lifeblood…
By Jackson Okoth The Sacco Societies Regulatory Authority (SASRA) has raised the red flag over an increase in the volume of Non-Performing Loans (NPLs) beyond the prescribed limits. The Authority is also concerned that most DT-Saccos are not retaining sufficient earnings to build capital, proportionately to the growth of their asset bases. “It also shows…
By Staff Reporter Kiambu County has the highest distribution of Deposit-Taking Saccos headquarters outside the national capital, Nairobi. According to the market regulator, the Sacco Societies Regulatory Authority (SASRA) report, the national commercial and administrative capital, Nairobi City County, hosts headquarters of 41 DT-Saccos while Kiambu has 15. The Co-operative Societies Act under which DT-Saccos…
By David Kipkorir. The Central Bank of Kenya (CBK) has warned banks and financial institutions against opening accounts for fake pyramid schemes operating as saccos. Central Bank of Kenya in a circular urged banks to ensure they scrutinise transactions where non-deposit taking saccos mobilise huge sums from unsuspecting Kenyans. “This circular is to caution financial…
