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 […]
Read MoreCIS 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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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 infolds to provide them with recognition installation. In general, the goal […]
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Automated Saccos are an effective way of creating financial stability. This is because they are easily accessible and the SACCOs and 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 […]
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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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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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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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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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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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From time to time we, Kenyans wake up to the news of yet another savings and credit co-operative 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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