Year: 2019
Finance
SACCO
SACCOs and Regulations in Kenya
There are many savings and credit societies (SACCOs) operating without proper registration in Kenya. And these face tough measures including closure through the regulations by the Savings Regulatory Authority (SASRA). SASRA has recently launched tough rules which are intended to weed out fraudulent SACCO outfits. Read on Saccos and their formation The new regulations set […]
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SACCO
Factors to consider when joining a SACCO
Kenya’s famed co-operatives sector appears to be growing pretty fast with more and more Kenyans jumping into the fray. However, there are many people who are not conversant with Sacco operations and rules and are often disappointed when they cannot secure loans, especially where they are unable to mobilize members to act as guarantors or […]
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SACCO
How SACCOs in Kenya are structured
A Savings and Credit Co-Operative (SACCO) is an association of like-minded individuals, registered under the Ministry of Cooperative Development and Marketing in Kenya, and authorized to take deposits from and lend to its members. Saccos are governed by the SACCO bylaws which state the objectives, membership, share capital, organization structure, management, and lending regulations. The sector is regulated […]
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Digital Loans
Finance
Upcoming Regulation of Digital Lending
In recent times, the Central Bank of Kenya Governor Patrick Njoroge has noted that there are risks to Kenyans who use their mobile phones to take loans thus a need for regulation in the booming digital credit sector. Whilst many of these small digital credit loans are extremely valuable for people facing emergencies, managing cash […]
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Finance
SACCO
SACCO Leadership – What you need to know
From time to time we, Kenyans wake up to the news of yet another savings and credit cooperative society (Sacco) in trouble. The truth is, financial institutions don’t suddenly become broke or find themselves under the heavy weight of non-performing loans. Such things develop over time. When investigated, collapsing SACCOs will always show that bad […]
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Digital Loans
Finance
Shylocks have gone hi-tech in Kenya
Shylocks have gone hi-tech in Kenya. Mobile phone money lenders have grown like mushrooms in Kenya. Numerous mobile lenders have continued to thrive in the local market, offering loans at exorbitant interest rates and ruthlessly going after individuals who default by engaging their family members with data mined through the applications. The lack of adequate […]
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SACCO
SACCOS Constitution , Rules and Regulation
Kenya has one of the largest financial sectors in the region. This has really shaped the economic growth and development in the country. A major contributor to this milestone goes to the effort of SACCOs. They have played a major role in the mobilization of financial resources in the country. Many Kenyans prefer SACCOs since […]
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Digital Loans
How to get a digital loan
Are you in a fix and need quick cash? A digital loan is the way to go. As a matter of fact, getting a traditional loan from a bank or a Sacco takes time and if you need money now, it may not be the best option for you. With today’s technology you can get […]
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Finance
SACCO
Front office services to expect from your SACCO
SACCOs are member-owned financial institutions that offer savings and credit services to their members. In Kenya, there are many SACCOs that tend to provide the best services in the form of financial aid and banking services. In an effort to provide better services to their members, they ensure that their members are comfortable with their […]
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Digital Loans
Finance
A comparative look at digital lenders
Buying electricity on credit through Okoa Stima is the most expensive mobile lending in Kenya. The mobile-based electricity loan, known as Okoa Stima, attracts a monthly interest of 43.4 percent, making it the most expensive, while Equity Bank’s Equitel is the least costly at 2.1 percent per month. Other costly digital lenders are Pesa na […]
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