Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
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…
The SASRA Sacco Supervision Report 2022 has revealed that total assets by the Sacco sub-sector grew by 11.79 per cent with those from Deposit Taking (DT) Saccos standing at Ksh763.50 billion while those from Non-Withdrawable Deposit Taking (NWDT) Saccos shot to Ksh126.80 billion up from Ksh116. 02 billion recorded in 2021. The increase reflects a…
Saccos hired 3,430 agents in towns across the country in a strategy aimed at ensuring efficient and effective services for their members. According to the Sacco Supervision Report for 2022 released by the Sacco Societies Regulatory Authority (SASRA), 36 Deposit-Taking (DT) Saccos hired 3,430 agents to help them handle customer transactions, which helped to cut…
Land and housing-related borrowing from credit advanced by Saccos jumped to 33.2 percent in 2022 according to a report released by the Sacco Societies Regulatory Authority (SASRA). The massive increase is 26.9 per cent up from what was recorded in 2021 showing the aggression by Saccos in empowering its members to acquire land and houses….
The Sacco Societies Regulatory Authority (SASRA) has reported that Kenyans cashed out Ksh30.8 billion of the money saved in Saccos in 2022. “This can be attributed to the high cost of living, which has resulted in members withdrawing their savings for consumption purposes,” said the report. The latest supervisory report also showed that withdrawable deposits…
Data recently released by Sacco Societies Regulatory Authority (Sasra) has revealed that 92,000 Sacco savers have savings of more than Ksh1 million. The number represents an increase of 29.6 per cent from the 71, 000 reported in 2021. It is also more, than double the 39, 000 accounts that were holding such amount five years…
Sacco leaders have been urged to use the appropriate technology to run Sacco operation so as to spur growth. Martin Kimani, an Associate Director in KPMG’s Technology Transformation Unit and a speaker at the forum, told the leaders that technology reaches more ground and keeps up with the ever changing business environment. Kimani said that…
The importance of Saccos as suitable vehicles for mobilising local savings and extending affordable credit to their members requires no belabouring. The impact of the Sacco movement on the country’s economy has over the years been hailed as significant and a success story in the region and beyond. Stories abound that some big Saccos are…
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…
All Cooperatives will in future become federations and subscribe to an apex body, Kenya Union of Savings and Credit Cooperatives (KUSCCO) Group Managing Director George Ototo has hinted. A restructured Cooperative sector will ensure sustainability and viability as it will solely depend on the subscription of the cooperative members. “The economic participation of our business…
