Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The Cooperatives Bill, which is about to become law has put errant employers sitting on huge sums of cash in the form of remittance deductions meant for SACCOs, now estimated at Ksh 3.5 billion at unease state. The Cooperative Bill 2024, published as the National Assembly Bill No. 7 of 2024 on 9th February 2024, has…
Thirty-five savings and credit cooperatives (SACCOs) are staring at possible sanctions after failing to register with the Financial Reporting Centre (FRC) as required under new anti-money laundering regulations. This was revealed by SASRA adding that the stated saccos had not fully registered as reporting institutions mainly on the grounds that they had submitted incomplete applications,…
Cabinet Secretary for Co-operative and MSMEs, Wycliffe Oparanya has declared a suspension on new registrations and banned the use of loans to pay dividends to Sacco members. Speaking during the 34th Special General Meeting of Unaitas Sacco in Nairobi, CS Oparanya said the move is part of a stringent crackdown on poorly managed savings and…
The land and housing sector has once again topped the charts as the leading recipient of credit from regulated Savings and Credit Cooperative Organizations (SACCOs), according to the newly released SACCO Supervision Annual Report 2024 by the Sacco Societies Regulatory Authority (SASRA). The report, which was unveiled yesterday, reveals a steady upward trend in sectoral…
The SACCO Societies Regulatory Authority (SASRA) has sounded the alarm over a deepening non-remittance crisis that threatens the financial stability of Kenya’s regulated SACCOs. In its SACCO Supervision Annual Report 2024, the regulator revealed that employer institutions, many of them government-linked have failed to remit over Ksh 3.49 billion in member deductions, up from Ksh…
Cabinet Secretary (CS) for Co-operatives and MSMEs Development, Wycliffe Oparanya, has raised concerns over the misclassification of Transport Cooperatives as Savings and Credit Cooperative Societies (SACCOs), urging for a comprehensive review of their structure and regulatory oversight. Speaking during the official release of the Sacco Supervision Annual Report 2024, Oparanya noted that several entities operating…
The Co-operatives and MSMEs Development Cabinet Secretary, CS Wycliffe Oparanya have called for financial accountability, directing Sacco Societies Regulatory Authority (SASRA) and the Commissioner of Cooperatives to enforce strict oversight of audited SACCO accounts. Speaking during the SACCO Supervision Annual Report 2024 launch in Nairobi, CS Oparanya said such reforms is aimed at tightening financial…
In a resounding affirmation of the cooperative movement’s vitality, Kenya’s Savings and Credit Cooperative Organizations (SACCOs) have shattered the Ksh 1 trillion barrier in total assets, cementing their status as a cornerstone of the nation’s financial ecosystem. The landmark achievement was unveiled by Cabinet Secretary for Cooperatives and Micro, Small, and Medium Enterprises (MSMEs), Wycliffe…
The Sacco Societies Regulatory Authority (SASRA) released a new Model Complaints Handling Policy for regulated Saccos to strengthen the complaints management framework within the sector, ensuring alignment with best practices and regulatory requirements. According to SASRA the policy will provide a standardized and adaptable approach for Saccos to address member complaints effectively, transparently, and fairly….
Afya Co-operative Savings and Credit Society Limited has convened a Virtual Delegates Meeting on September 22, 2025, as pressure mounts over a KSh550 million scandal that has rocked the country’s 60 year-old Sacco. The meeting notice, signed by Honorary Secretary A. Maweu, outlines a tense agenda that includes adopting financial statements, approving the 2026 budget,…
