Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
Cooperatives Cabinet Secretary (CS) Simon Chelugui has urged the government to invest wisely in the cooperative sector to generate revenue and improve the country’s economy. The CS said about 63 percent of Kenyans rely on and benefit directly or indirectly from the Cooperative sector, hence good investments in the sector can generate revenue and reduce…
Sacco Society Regulatory Authority (SASRA) has set minimum requirements for engagement of third-party financial system integrators (vendors) that provide their financial services to Saccos in a bid to deal with cyber-attacks related to third parties.In a letter dated June 6, 2023 addressed to chief executives (CEOs) of the regulated Sacco societies, SASRA CEO Peter Njuguna…
Kenya Union of Savings and Credit Cooperatives (KUSCCO) Advocacy Manager Mercy Njeru has urged the government to allow only the official regulator to audit Saccos in the country for improved efficiency, transparency and confidence among cooperative societies. Njeru said currently there are many state agencies competing to audit Saccos, raising suspicion among Saccos to the…
While Saccos have been in existence for years and being lauded as priceless savings and credit extension avenues, it now looks quite challenging to convince the youth to save in Saccos. The Sacco sub-sector Demographics Study Report of 2019 released by Sacco Society Regulatory Authority (SASRA), which carried an in-depth study on age and gender…
By Fredrick Odiero SASRA Chairman Jack Ranguma has expressed concern over the low asset base levels of Saccos from Nyanza region. Ranguma said Saccos in the country have a total asset base of Ksh 886 billion yet Nyanza region controls a paltry Ksh3.6 billion (0.2%) of the total amount. Speaking during Keystone Sacco’s Annual…
By Azael Masese The negative cash accumulation among Deposit Taking (DT) Saccos continued to rise unabated to reach a high of Ksh. 48 billion in 2021. Though some players turned to retained earnings to bridge the deficit, some turned to external borrowing with SACCO Societies Regulatory Authority (SASRA) warning that they were subjecting themselves to…
By Staff Reporter The Sacco Societies Regulatory Authority (SASRA) withdrew the licenses of four deposit-taking Saccos by close of December 2021. Effectively, the four are barred from conducting deposit-taking business in 2022. Affected Saccos are Nyamira Tea Sacco Society Ltd, Uchongaji Sacco Society Ltd, Nanyuki Equator Sacco Society Ltd and Comoco Sacco Society Ltd. SASRA…
By Azael Masese A new Sacco Supervision Report, 2021 indicates that the Sacco sub-sector’s total assets grew by 9.93 per cent in 2021 to reach Ksh807.11 billion from Ksh734.22 billion recorded in 2020. During the period under review, total deposits grew by 9.80 per cent in 2021 to reach Ksh564.89 billion compared to Ksh514.46 billion…
By Azael Masese Stima Deposit Taking (DT) Sacco exhibits all the attributes and performance indicators of a successful institution. Ranked the second wealthiest Society by the Sacco Societies Regulatory Authority (SASRA), their end year performances have remained mouth-watering. As of 31st December 2021, the Society’s asset base, turnover, loan book and balance sheet had grown by…
By Malachi Motano The Sacco Societies Regulatory Authority (Sasra) says Non-Deposit-Taking Business (NDTB must meet the new Sacco Societies regulations before the 2020June 30, 2021 deadline. The Sasra acting Chief Executive Officer Peter Njuguna ruled out any extension, warning that non-compliant Saccos will be black listed. “We have warned members of the public against dealing with…
