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

State allays fears over proposed small SACCOs mergers, says members’ savings won’t be undermined

Sacco ReviewJanuary 21, 202604 mins

The government has sought to allay fears among low-income and small cooperative societies, assuring them that proposed mergers with larger Savings and Credit Cooperative Organisations (SACCOs) will not threaten their stability or members’ savings. Cooperatives Principal Secretary Patrick Kilemi said the reforms are intended to stabilise the SACCO sector, improve governance and enhance performance through…

Building Your Future: Why SACCOs Are Key to a Secure Retirement

Sacco ReviewOctober 8, 2024October 8, 2024010 mins

Saving for retirement is one of the most important financial decisions individuals need to make during their working lives. It is essential to ensure financial security and peace of mind in one’s later years. However, many people struggle with planning for retirement due to limited access to pension schemes, financial illiteracy, or inadequate income. Savings…

More than 18 million Kenyans have not joined cooperatives

Sacco ReviewJuly 4, 2024July 4, 202403 mins

The government is now aiming to have Kenyans embrace saving culture for betterment of their financial well-being. Cooperatives Principal Secretary Patrick Kilemi says more than 18 million Kenyans are not in cooperatives and the government is pushing to have them save the little they make through cooperatives. The PS says they are encouraging Kenyans to…

92,000 members have hit Ksh1M mark in savings, says SASRA

Sacco ReviewSeptember 30, 2023September 30, 202305 mins

A recent report by SASRA has revealed that Sacco accounts holding more than Ksh1 million stood at 92,000 by the end of 2022. This is a 29.6 per cent rise from about 71,000 accounts reported in 2021. The 92,000 accounts, an equivalent of 0.63 per cent of all the 14.52 million accounts, held Ksh163.3 billion…

SACCO loans outweigh deposits in 2022, SASRA says

Sacco ReviewSeptember 13, 2023September 13, 202302 mins

The 2022 SACCO Supervision report has revealed a concerning trend of how SACCO members sought more loans than they had deposited. According to data from the SACCO Societies Regulatory Authority (SASRA), SACCOs held deposits of Ksh620.45 billion but loaned out Ksh680.35 billion by the end of 2022. The loan book grew by 11.8% from Ksh608.75…

SASRA: Harsh economic times forces Kenyans to withdraw Sacco savings

Sacco ReviewAugust 31, 2023August 31, 202303 mins

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…

SASRA: 92,000 Sacco members have Ksh1M in savings

Sacco ReviewAugust 29, 2023August 29, 202304 mins

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 speak on how to win youth into co-op membership

Sacco ReviewJuly 25, 2023July 25, 202307 mins

The urge to splurge out cash on secondary needs is slowly driving the youth away from saving. Savings are considered critical funding sources, which enable governments, institutions and individuals undertake investment projects. Harrison Song’e, Airports Sacco CEO, regrets that the younger generation is mostly driven by spending more than savings. This, he adds, has majorly…

Residents appeal for help to recover their savings

Sacco ReviewJuly 23, 201804 mins

By Kamundia Muriithi Residents of Embu County fear losing their money to a savings and credit cooperative organization they had invested in. The society allegedly promised them that they could get loans of up to 10 times their savings and at eight percent interest rate per annum once they joined it. The Sacco started operations…

Saccos resort to agency banking in expansion strategy

Sacco ReviewJune 9, 2018June 9, 201807 mins

By Munene Maina The technological advancements sweeping the financial sector and the high cost of opening and running branches have forced Savings and Credit societies to re-strategize to beat the competition and grow their businesses. Most Saccos are now rolling out agency banking or opening satellite branches to extend their reach and reduce operation cost…