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    Tatu City partners with Konza to attract investors to Kenya

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Kenyan Business Feed
  • Home
  • News
    Dandora dumpsite to produce electricity through a waste-to-energy plant model

    Dandora dumpsite to produce electricity through a waste-to-energy plant model

    Reprieve for Kenya as China says this about its loans

    Reprieve for Kenya as China says this about its loans

    Emirates among first airlines to try IATAs’ digital platform for COVID-19

    Emirates among first airlines to try IATAs’ digital platform for COVID-19

    Tatu City partners with Konza to attract investors to Kenya

    Tatu City partners with Konza to attract investors to Kenya

    Wairegi leaves Britam after 40 years, in-comes Tavaziva Madzinga

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    Moet & Chandon ink partnership with premier restaurant Oysters & More

    Moet & Chandon ink partnership with premier restaurant Oysters & More

    Ann Kananu takes over as Deputy Governor but….

    Ann Kananu takes over as Deputy Governor but….

    New land Scandal pits Kalonzo vs Ruto

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    Sarova introduces new brands as it diversifies into standalone restaurants

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  • Markets
    Emirates among first airlines to try IATAs’ digital platform for COVID-19

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    Sarova introduces new brands as it diversifies into standalone restaurants

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    Tatu City Partners with Konza to Attract Investors to Kenya

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    LG unveils premium monitors

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    Samsung Galaxy S21 is now out,pre orders open in Kenya

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    National Bank and Octagon ink 100 billion service partnership

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    Real Estate: Cytonn invites bids for this 4 acre piece of prime land in Kilimani

    Mizizi Africa Homes voted best low cost housing developer 2020

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    32% of Kenyans to change houses over Covid-19

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    Kenyan Firm awarded Most Innovative Community Developer 

    Cytonn Real Estate completes The Alma Phase 3; 120 units set for handover

    Serviced Apartments Record Decline in Rental Yields

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  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    KCB, MoH and Kazi kwa vijana biggest advertisers in the past 5 months

    Mastercard, Unilever and KCB Bank strengthen partnership to support micro-retailers in Kenya

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Five top saccos boast Sh149bn savings, assets

by Kenyan Business Feed
May 5, 2019
in KBF
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FAITH NYAMAI

By FAITH NYAMAI
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Five savings and credit co-operative societies (saccos) are now among the country’s top lenders after accumulating savings and assets worth Sh149.9 billion as at the end of the last financial year.

They are Mwalimu, Harambee, Stima, Kenya Police and Afya.

Speaking during Afya Sacco’s annual delegates conference at Kenyatta International Convention Centre, Ms Dolphine Aremo, the Director Cooperatives, Trade and Tourism Nairobi County, said the saccos had accumulated vast wealth over the years.

“The teachers’ giant sacco had as at the end of the last financial year accumulated savings and assets worth more than Sh46 billion, while Stima sacco came in second, having garnered Sh32 billion,” she said.

The Kenya Police sacco had clocked Sh28.9 billion, Harambee sacco Sh26 billion while Afya sacco had reached Sh17 billion.

Presenting their last year’s financial report, Afya sacco said its turnover grew from Sh2.15 billion in 2017 to Sh2.24 billion in 2018, a 4.2 per cent growth.

Chairman Vitalis Lukiri said that during the same period, members’ deposits grew from Sh12.29 billion to Sh13.09 billion.

The sacco’s total assets also increased to Sh17.561 billion from Sh16.146 billion, a growth of 8.8 per cent.

There are over 3,000 registered co-operative societies in Nairobi whose accumulated savings and assets was Sh300 billion as per the last financial year.

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Mr Didacus Ityeng’, the Commissioner of Co-operatives, warned co-operative societies against borrowing loans from financial institutions since their interest rates were prohibitive compared to those being charged within the co-operative movement.

“We have signed an agreement with the Ethics Anti-Corruption Commission to investigate and clean up any bad potatoes that may have infiltrated the movement and wreaked havoc from within,” he said.

He also warned against corruption, saying that the vice may end up affecting the Sh1.8 trillion accumulated in societies over the years.

“The national government is taking seriously the cases of counties that have failed to remit dues they have collected from workers to their saccos,” he said.



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