John Munuve News Today

Amica Sacco has been rated among the top in the country after its assets value rose to over Sh5 billion.

Saving in a Sacco has been touted as one of the best ways of making your money work for you.

Over the years, the business model adopted by savings and credit cooperative societies (saccos) in Kenya has placed members’ contributions in a precarious position.

It will be similar to the Anti-Fraud Unit at the Central Bank of Kenya, which polices activities of banks.

The newly formed anti-fraud unit by SASRA & DCI is expected to combat fraud as part of improved corporate governance in the SACCO sector.

The deal formalises the Sacco Societies Fraud Investigation Unit (SSFIU) that will detect and investigate crimes linked to embezzlement of members’ funds and cyber-related attacks.

The East African Monday February 08 2021 According to officials, the Sacco fund will be run and managed by Sasra with funding coming from both the Saccos and the government - edging out banks from the sector. PHOTO | FILE Summary Under the new regime, Saccos will run their own inter-Sacco market where they can lend and borrow from each other at reasonable rates. Advertisement Kenyan Savings and Credit Co-operative Societies (Saccos) are moving closer to the implementation of an inter-Sacco len...

The sacco sub-sector defied the economic challenges resulting from Covid-19 last year to record a 14 per cent growth in assets.

THE STANDARD By Kirsten Kanja | February 3rd 2021 at 15:48:08 GMT +0300 CS Peter Munya (PHOTO: Wilberforce Okwiri) NAIROBI, KENYA: Non-deposit taking Saccos holding deposits worth Sh100 million and above have up to the end of June to apply for an authorisation to operate from the Saccos Societies Regulatory Authority (Sasra). This follows the publication of the SACCO Societies (Non-deposit taking business) regulations, 2020, which took effect on January 1, 2021. Non-deposit taking SACCOs refe...