Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
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…
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…
The 2022 Sacco Supervision Annual Report revealed that the cumulative core capital of DT Saccos grew from Ksh109.29 billion in 2021 to reach Ksh124.89 billion in 2022. The institutional capital to total assets ratio, which tests the ability of DT Saccos to build their capital from retained earnings and surpluses, increased from 9.15 percent recorded…
A report from SASRA investigative unit (Sacco Societies Fraud Investigations Unit) has revealed that the Sacco sub-sector suffered an enormous loss of Ksh118.1 million in the last two years due to fraud. An additional Ksh114.4 million is suspected to have been lost in the same period. The investigative unit revealed that the fraudsters have been…
The SASRA Sacco Supervision Report has revealed that the total amount of financial investments of regulated Saccos decreased from Ksh50.30 billion in 2021 to Ksh49.95 billion in 2022. The drop in the proportion of financial investments to total assets was as a result of a significant drop in the financial investments of the deposit taking…
The Sacco Supervision Annual Report 2022 has revealed that Sacco membership grew by 7.02 per cent to hit 6.42 million. For the year ending 2022, membership in deposit taking Saccos stood at a staggering 5.96 million, representing an increase of 7.34 per cent. For non withdrawable deposit taking Saccos, membership increased by 3.14 per cent…
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….
