SASRA - Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

How to improve governance of cooperatives, restore members’ confidence

Sacco ReviewMay 11, 2024May 11, 202406 mins

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…

Skyline Sacco holds 3-day brainstorming retreat at Kabarak University

Sacco ReviewMay 6, 202403 mins

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…

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

Sacco ReviewMarch 30, 202408 mins

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…

Smiles for savers as Saccos pay high dividends

Sacco ReviewMarch 2, 202403 mins

Top Saccos in the country are paying members at least four per cent more in dividends for their 2023 savings compared to a year earlier. Most cooperatives attributed the performance to muscular growth in its net interest income, enhanced member deposits and increased membership. Safaricom Investment Corporative (SIC) members will take home KSh142.4 million in…

Non-deposit-taking Saccos to start paying regulatory levy

Sacco ReviewFebruary 29, 2024February 29, 202406 mins

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…

SASRA increases approved auditors to accommodate additional Saccos

Sacco ReviewFebruary 29, 2024March 1, 202405 mins

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…

SASRA warns public against trading with unauthorized Saccos

Sacco ReviewFebruary 22, 2024February 22, 202408 mins

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…

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

Sacco ReviewJanuary 18, 2024January 18, 202404 mins

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….

Number of Sacco female employees on the rise, SASRA says

Sacco ReviewDecember 13, 2023December 13, 202305 mins

The number of female employees in regulated Saccos in the country has been steadily rising, surpassing that of male employees, SASRA’s Sacco Supervision Report 2022 has revealed. According to the Report, female employees in regulated Saccos account for 50.61% of the total employees with males accounting for 49.39%. It also reveals that within the DT-SACCOs…

Ghanaian officials in Kenya to benchmark cooperative movement

Sacco ReviewDecember 11, 2023December 11, 202303 mins

Senior officials from the Government of Ghana, including representatives from the Ghana Co-operative Credit Unions Association (CUA), Ministry of Finance, and the Department of Cooperatives, are currently in Kenya to benchmark the country’s cooperative movement which is considered the largest in Africa. According to the 2022 Statistical Report by the World Council of Credit Unions,…