Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
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…
By Kiptanui Rutto. Saccos and small business entrepreneurs in Laikipia County will receive financial boost after the County Government set aside Sh35 million this financial year as part of a revolving fund to revive Co-operatives and improve small businesses. According to the County Trade and Co-operatives Executive, Ann Cheptoo, the move will see members of…
By Jackson Okoth. A number of deep pocketed Savings and Credit Co-operatives (Saccos) are setting up ultra-modern complexes with a view to leasing or renting out office space to interested parties. This segment of the property market is becoming an attractive option for the Saccos eager to pump more cash in the form of rental…
By Wasike Elvis. Hawkers in the county have been urged to join Saccos for them to benefit from the funds being given by the Government. Deputy Governor Daniel Chemno also said only registered hawkers will be given space to do business, adding: “We wish all the registered members could be given identification tags which will…
