Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The Central Bank of Kenya (CBK) plans to put in an estimated Ksh 180 million into a Deposit Guarantee Fund (DPF), designed to provide a financial safety net for individuals and corporate entities that hold huge deposits in Deposit-Taking Savings and Credit Cooperative Societies (SACCOs). This yet-to-be-established fund is part of the latest reforms in…
The National Assembly has passed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2025. The bill will see amendment of the Sacco Societies Act (Cap. 490B), empowering the Sacco Societies Regulatory Authority (SASRA) in regulating the Saccos, the societies have mobilized deposits of members to the tune of more than ksh 1…
Nominated Senator Tabitha Mutinda has petitioned the Senate to urgently probe the financial collapse of Metropolitan National SACCO Limited. Auditors had uncovered Kshs12 billion loss, over 75,000 members were unable to access their savings. Senior officers were dismissed and replaced by a caretaker committee in 2022. In a Statement to the Senate Committee on Trade,…
After a happy 40 years in the cooperative movement, where he rose through the ranks to become one of the renowned leaders, CPA Frederick Masoso Abuyabo, the immediate former Chief Executive Officer (CEO) of Ufanisi Deposit Taking Sacco, hang up his boots. His handwork and determination have seen him climb the career ladder from a…
Nyati Deposit-Taking SACCO has taken legal action against the insolvent Kenya Union for Savings and Credit Co-operative Organization (KUSCCO), seeking to recover a sum of KSh 86,433,583.00 held by the Union as Fixed Deposits. The case, with file number Milimani JR Application N.E 035 of 2025, is currently before the High Court of Kenya in…
The SACCO society’s regulatory authority (SASRA) has issued a stern warning to cooperatives that mismanage members’ funds, stating that their days are numbered. Jack Ranguma, the Chairman of the SACCO Societies Regulatory Authority (SASRA), particularly singled out Metropolitan National SACCO, noting that its members have lost millions of shillings. Ranguma revealed that the minister responsible…
The Sacco Societies Regulatory Authority (SASRA) has published a list of approved and registered external auditors for Saccos. This is in accordance with Section 45(b) of the Sacco Societies Act and SASRA’s guidelines. The external auditors have been duly approved and registered by the Authority to provide auditing services to regulated Saccos in Kenya for…
Tower Sacco’s share capital and deposits increased by over Ksh3 billion in the last eight months to move from position 8 to 5 in a pool of 174 deposit-taking Saccos. According to Sacco Society Regulatory Authority (SASRA) in its Annual Sacco Supervisory Report 2023 which was released recently, the Sacco was ranked fifth under Large…
The Cabinet Secretary for Cooperatives and MSMEs Development Wycliff Oparanya has said that the cooperative bill 2024 which has put corrective measures for the Saccos is expected to become law by the end of the year. Oparanya speaking during 50 years celebrations of Stima Sacco Society Limited held at Carnivore Grounds in Nairobi said that the…
The membership in the country’s Savings and Credit Co-operatives (SACCOs) has increased from 6.42 million in 2022 to 6.84 million in 2023, borrowing over Ksh700 billion within a span of one year. According to the recently released 2023 Annual Sacco Supervision Report by SASRA the increase in the 357-Regulated Saccos translated to 6.57 per cent…
