Celestine Gachuhi is a renowned Kenyan actress known for her leading role in the popular drama series Selina.
Ms Gachuhi spoke to Spice Magazine about.
Q&A With SACCOs Authority CEO John Mwaka
Sacco Societies Regulatory Authority(Sasra) CEO John Mwaka faced questions about the Sacco sector from members of the public via Sunday Nation.
The limitation on the number of saccos one can belong to (no more than one serving similar purpose) is discriminative and nowhere else is such a principle applied. What is so unique about saccos?
Joan Nafula, Maseno
The rationale is to avoid SACCOs from competing in an unhealthy way. For, instance, if we allow this practice, an employer will be in a dilemma on which deduction should be implemented first if both of them require loan repayment from the same payroll. However, a person can belong to more than two cooperatives if they do not serve the same objective. An employee with a tea plantation can belong to an employer-based Sacco and also one that receives payment for tea proceeds.
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.
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Kenyan Savings and Credit Co-operative Societies (Saccos) are moving closer to the implementation of an inter-Sacco lending market and eventual integration into the National Payments and Clearing system in a development, leaving commercial banks staring at close to Ksh2.33 billion ($21.37 million) loss in interest income on loans granted to the co-operative sector.
Saccos need revamp of banking systems
Thursday December 24 2020
Summary
It is critical to note that there are many industries that have for the longest time continued to use specific solutions to manage their operations out of convenience.
The sacco ecosystem in Kenya is one such industry.
It is obvious that for decades they have been central not only to individual development but also community progress.
Because of low interest, and the fact that it is being managed by its members, the sector has played a critical role in the country’s financial sector.
This digital age has welcomed a myriad of technological inventions that have aided operations and enhanced processes in many sectors across the production value chain.