Finance

SACCO Finances Management

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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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 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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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 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. Lack of adequate guidelines has […]

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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 which tend to provide the best services in 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 services […]

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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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Finance
General
SACCO
SACCO Software

Deciding Which Sacco to Join.

Finding the right Sacco in Kenya, one that meets your goals is essential, not only for your financial growth but also for the safety of your money. It is, therefore, vital to do your homework beforehand to ensure you’re settling for the best deal. There are unlimited options of Saccos in Kenya, which is an excellent thing because then […]

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Finance
General
SACCO
SACCO Software

Difference between Saccos and Microfinance

Are you interested in starting a business?  Then you need resources and capital.  So what do you do?  If you are like most Kenyans, you head to your bank and inquire about a loan.  While you may successfully get a loan, if you are considered low-income, the odds are you will be denied.  That’s where […]

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Finance
SACCO Software

How Secure is Your Money with Your Sacco

Some people have lost money in rogue Sacco that have conned people of their savings. This is not a trend in Kenya but neither should it deter you from saving in a Sacco, if you wish to. To begin with Sacco are great initiatives that have seen many people save money and access loans at cheaper […]

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Finance
General
SACCO
SACCO Software

How to Know if Your Sacco is a Deposit Taking Sacco or not

Savings and credit co-operatives (Saccos) have come under increasing public scrutiny of late, mostly on charges of loss of member funds. Let’s first understand Saccos; and to do that, we have to start with the co-operative movement. Co-operatives are defined as an independent association of persons united with a purpose to meet their common economic, […]

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