Acumen Sacco members during their AGM.

Saccos holding KSh91 million in unclaimed assets

James Kinuthia was a member of one of the biggest Saccos in the country; he was employed and used to contribute Ksh1,000 monthly. In the year 2001, Kinuthia lost his job, rendering him unable to make the monthly deposits. Subsequently, he withdrew his deposits, receded to the village and lost contact with his Sacco. Little…

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Cabinet Secretary (CS) for Cooperatives and MSMEs Development Simon Chelugui.

What next for KUSCCO after loss of billions in member savings?

Stakeholders in the cooperative movement have now called for urgent measures to ensure that the country’s Sacco umbrella body, the Kenya Union of Credit Co-operatives (KUSCCO), is regulated for safety of funds and restore the image of the union. This comes after the Cabinet Secretary (CS) for Cooperatives and MSMEs Development Simon Chelugui dissolved the…

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Acumen Sacco members during their AGM.

How to improve governance of cooperatives, restore members’ confidence

Kenya is reputed to have the most vibrant cooperative sector in Africa. Financial cooperatives have grown exponentially necessitating the enactment of the sector-specific Sacco Societies Act, 2008, to regulate them. It is believed some Saccos have mobilised more deposits compared to some licenced commercial banks operating in the country. But what then ails this critical…

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Skyline Sacco during retreat at Kabarak University

Skyline Sacco holds 3-day brainstorming retreat at Kabarak University

Skyline Sacco Limited held a 3-day retreat for its members which served as a pivotal moment of reflection, strategic planning and fostering camaraderie. The team-building event took place at Kabarak University on May 1-3, 2024. Also, the event was a crucial opportunity for Sacco leaders to step away from the day-to-day grind and take a…

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GDC Sacco Society LTD Chairman Mburu Gitau. GDC Sacco members during the Annual General Meeting.

GDC Sacco seeks to grow its asset base to KSh8.5 billion

GDC Sacco Society Ltd (GDC) has embarked on an ambitious plan to grow its asset base to KSh8.5 billion as it seeks to be among the top 50 Saccos in the country. The Sacco which currently has over 34,000 members, who are mainly dairy farmers in the agriculture-rich Githunguri Sub-county in Kiambu County, is keen…

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Non-deposit-taking Saccos to start paying regulatory levy

The non-withdrawable depositing taking (NWDT) Savings and Credit Co-operatives (Saccos) shall now be required to pay annual regulatory fee to the country’s Sacco Regulator, the Sacco Society Regulatory Authority (SASRA) as they fully come under its purview. According to the November Legal Notice by Sasra the rate of the annual Sacco Societies Levy will be…

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SASRA increases approved auditors to accommodate additional Saccos

The Sacco Societies Regulatory Authority (SASRA) has increased the number of audit firms approved for auditing Saccos under its supervision to 365 to accommodate the additional cooperatives. The latest figure for the 2024 auditing of Saccos means an additional 92 audit firms have now been cleared to check the books of Saccos, up from 273…

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SASRA CEO, Peter Njuguna.

SASRA warns public against trading with unauthorized Saccos

Sacco Society Regulatory Authority (Sasra) has warned the public against undertaking any related Savings and Credit Co-operative (Sacco) business with those entities that are not registered and regulated by the Authority. In a recent Public Caution issued by Chief Executive Officer (CEO) Peter Njuguna, the Authority has observed that a large section of members of…

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Hazina Sacco Chairman Evans Kibagendi and Tutu Primary School Headteacher Nancy Njunge cut a ribbon to officially hand over the toilets built through their CSR initiative.

Hazina Sacco opposes introduction of levy on non-withdrawable Sacco deposits

Hazina Sacco Chairman Evans Kibagendi has opposed the introduction of a levy on cash deposits held by Non-Withdrawable Deposit-Taking Saccos by the Sacco Societies Regulatory Authority (SASRA) beginning January 2024. Kibagendi will greatly affect the revenue of Saccos as a whole, and the savings of individual members who are ideally the owners of the Saccos….

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