Author: Cynthia Njoki
General
SACCOs’ Affordable Credit: Empowering Members
Savings and Credit Cooperative Organizations (SACCOs) are financial cooperatives whose popularity is increasing by the day in many parts of the world. In empowering their members, Saccos’ Affordable Credit is a very key aspect that is a stronghold for the members. SACCOs are structured in that, the members pool their savings to create a common […]
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Finance
General
Digital Transformation in SACCOs: 5 Key Strategies and Best Practices
Digital transformation in SACCOs cannot stand as an exception in the world of finance where digital transformation is a buzzword in recent years. Generally, digital transformation involves the integration of digital technology into all areas of an organization. This includes SACCO‘s operations, processes, and services. SACCOs (Savings and Credit Co-operative Organizations) have been at the […]
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Why You Should Make Your Loan Repayment on Time
Repayment of loans is one of the main drivers of financial success. For this reason, a large number of people have a good intention of covering their bills and loans on schedule. However, we know in some cases life has a method of disrupting the general flow. Be it Busy timetables, Vacations, distinctive due dates […]
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The Main Difference Between Saccos and CIS
CIS and SACCO have similarities but their main difference is in their definition and functions. Sacco is an abbreviation for Savings And Credit Co-Operative. Their fundamental goal is to offer saving plans and credit offices. They work in various ways, which is dependent on their plan of action, and Sacco ordinances frequently represent them. They’re […]
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The History of SACCOs in Europe and Africa
To understand the history of SACCOs, it is important to learn about what they are. Basically, a Savings and Credit cooperative otherwise known as a Sacco is a type of corporation that aims at pooling money together. It is often between the members and in folds to provide them with recognition installation. In general, the […]
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General
Why You Should Join an Automated Sacco in 2021
Automated Saccos are an effective way of creating financial stability. This is because they are easily accessible and the SACCOs offer loans to their members. Additionally, cooperation, community work, and solidarity are what society needs when a country’s economy is unequivocally influenced by the current worldwide pandemic. Despite the current vaccine, international lockdowns are still […]
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Which is better? Savings or Investment
Investment and savings are both significant, however, they’re not similar. While both can assist you with accomplishing a more agreeable monetary future, customers need to know the distinctions between the two and learn when it’s ideal to save, and when it’s ideal to contribute. The greatest contrast between saving and investment is the degree of […]
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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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