Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Financial planning is a critical aspect of achieving long-term financial success for any serious individual, more particularly members of Savings and Credit Co-operatives (Saccos). However, even the best-intentioned plans can go astray if you make mistakes along the way. Here are some common mistakes that Sacco members should always learn to avoid in their financial…
The Sacco Societies Regulatory Authority (SASRA) has cautioned Kenyans to be vigilant before saving their money with Savings and Credit Cooperative Organisations (SACCOs). In a public notice issued on August 25, the regulator raised concern that some cooperatives are still operating without valid licenses, which it warned is unlawful under the Sacco Societies Act. SASRA…
Certified Public Accountant David Amiani Sandagi has been appointed acting chief executive officer for the Sacco Societies Regulatory Authority (SASRA) after completion of the term of CPA Peter Njuguna. In a statement issued on Tuesday, SASRA indicated that Sandagi has been appointed by the Board of Directors in consultation with the Cabinet Secretary, Ministry of…
The culture of saving is not well entrenched in the country. Cancelled happiness is what comes to mind when one thinks about saving. The word saving itself conjures images of waiting in line, unnecessary delays and in most instances, outright denial. It is painful to subject oneself to the misery of depravation. This is idea…
The Meru County Government in collaboration with the National Agricultural Value Chain Development Project (NAVCDP) has expressed commitment in enhancing agricultural productivity and promoting sustainable agribusiness practices. The initiative focuses on equipping lead farmers with essential skills and knowledge in Technologies, Innovations, and Management Practices (TIMPs). County officers led by Jasper Muthomi, a Liaison Officer…
The government has barred all Savings and Credit Cooperative Societies (SACCOs) in Kenya from investing in non-core business activities until proper regulations and supervisory frameworks are in place. This decision comes amid rising concerns over financial mismanagement and instability within the SACCO sector, which has seen some cooperatives plunge into financial turmoil due to unregulated…
Meru Senator Kathuri Murungi has reaffirmed his commitment to empowering and protecting boda boda operators in Meru County. The Senator spoke during a meeting with leaders from the boda boda sector at his office, where he emphasized the critical role the industry plays in the country’s economy. “Boda boda business employs over two million young…
National Assembly Speaker Moses Wetang’ula has issued a strong call to farmers to weed out corrupt officials from cooperative societies, warning that graft within agricultural SACCOs is fast eroding the backbone of the farming sector. Speaking on Sunday, July 27, at St. Peter’s Catholic Church in Sirisia Constituency, Bungoma County, Wetang’ula criticized the rampant mismanagement…
The Kenya Union of Savings and Credit Co-operatives (KUSCCO) is set to auction properties to recover Ksh1.36 billion in unpaid loans from SACCOs that secured funding against deposits worth Ksh368 million leaving a massive shortfall of nearly Ksh988 million. KUSCCO has since issued demand letters requiring defaulting SACCOs to submit payment or a formal repayment…
The legitimacy of two key cooperative sector funds has come under parliamentary scrutiny, with Members of Parliament (MPs) demanding urgent reforms and full disclosure from the State Department for Co-operatives. The Special Funds Accounts Committee, chaired by Migori MP Fatuma Zainab, has directed the department to submit all outstanding audit documents to the Office of…
