Surestep Systems Ltd defends itself against fraud at Njiwa Sacco

Surestep Systems and Solutions Ltd has addressed the ongoing Njiwa Sacco fraud case. Through a press release dated September 23, 2023, the company stated that it believes it is essential to clarify that the matter dates back to 2018 and is not a recent occurrence.  Since the inception of this case, Surestep has been unwavering…

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Real estate stakeholders seek Govt intervention over delayed issuance of title deeds

Players in the real estate sector have raised alarm over delays in processing of title deeds. Association of Real Estate Stakeholders Chairman Kinyua Wa Iratu claims the delays have been occasioned by rampant corruption in various land registries infiltrated by cartels. He noted that some unilateral decisions like changes in land rates and other statutory…

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SACCO Co-operatives

Cooperatives CS proposes Saccos to clear their cheques 

Cooperatives Cabinet Secretary (CS) Simon Chelugui has proposed that Saccos be allowed to clear their cheque books directly as opposed to the current practice of doing it through commercial banks. The CS said Saccos were incurring a lot of expenses when clearing their cheques through commercial banks.  “I believe that Saccos will be able to…

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SACCO

Lecturer’s innovation to spearhead affordable housing

Dr Joseph Mwiti’s innovation of manufacturing cement using clay will serve as a welcome relief to thousands of Kenyans who aspire to build home. Dr Mwiti, a lecturer who teaches Chemistry at Meru University of Science and Technology(MUST), believes that using clay to make cement will revolutionize construction and provide a solution to high costs…

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Saccos

CS orders SASRA to safeguard interests of Sacco members

Saccos Societies Regulatory Authority (SASRA) has been asked to ensure interests of all members of the 360 Saccos in the country are protected and that adequate revenues are generated. Cabinet Secretary (CS) for Cooperatives and Micro, Small and Medium Enterprises Simon Chelugui asked SASRA’s chief executive (CEO)Peter Njuguna to also ensure that members comply with…

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Vipingo Workers Cooperative Society on verge of collapse due to funds mismanagement

Vipingo Workers Savings and Credit Cooperative Society Limited, established in 1988 to cater for the financial needs of workers in Kilifi South, Kilifi County, faces an uncertain future due to mismanagement of members’ funds. The Sacco’s instability is caused by irregular lending practices. The chronic financial mismanagement, highlighted by a Ksh41 million loss in an…

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Agriculture based Saccos lead in loan defaults, SASRA reveals

The annual Savings and Credit Cooperative Organizations (SACCOs) supervision report 2022 released by Sacco Societies Regulatory Authority [SASRA] has revealed that 49 agriculture-based SACCOs have topped the charts in loan defaults by the ratio of 18.42 percent, more than double the industry average. Notably, these 49 agriculture-based Saccos represent the largest membership within the sector,…

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SASRA SACCO

SASRA Report highlights intensified competition between SACCOs, Commercial Banks

The latest released Sacco Societies Regulatory Authority (SASRA) report reveals a significant surge in competition between Savings and Credit Cooperative Societies (SACCOs) and commercial banks in Kenya, with consumers opting for SACCOs. The craze for SACCOs is because they offer low-interest loans and attractive dividend payouts, making them an appealing choice. Furthermore, SACCOs’ member centric…

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SACCO

How to get reluctant youth to join Saccos

The best choice for the youth to achieve the much sought after financial empowerment is for them to join good Saccos. Offering young entrepreneurs admission into Saccos and other accelerators alleviates the risk and fear that comes with taking the leap into entrepreneurship alone. Enterpreneurhsip is an area where many youth have feasible ideas about…

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