Saccos defy Covid-19 to grow assets 14pc businessdailyafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessdailyafrica.com Daily Mail and Mail on Sunday newspapers.
Microsoft East Africa, through the support of its 4Afrika initiative, has signed a Memorandum of Understanding (MoU) with World Council of Credit Unions (WOCCU) to help accelerate digital transformation within the Savings and Credit Cooperative Organisation (SACCO) sector.
SACCOs play a key role in Kenya’s economic strategy, bolstering income-generating opportunities and more recently contributing to around 5.7 percent of the country’s GDP. According to the Sacco Societies Regulatory Authority (SASRA), they form an important part of the deposit taking and lending market in Kenya, providing financial services to around six million households across the country.
“The AppFactory will turn young people into highly competent, in-demand ICT professionals. Local companies, including ourselves, need more of this talent, especially in an increasingly digital world,” says Tim Hobbs, Director and CEO of Mawingu Networks.
Kenyan MPs probe sale of troubled Spire Bank to teachers
Wednesday April 28 2021
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Kenyan lawmakers have opened an investigation into the controversial sale of the troubled Spire Bank to Mwalimu National Sacco (MNS) in a deal estimated at over Ksh3 billion ($28 million).
The sacco board blamed the poor performance of the lender on business tycoon Naushad Merali who withdrew all of his deposits amounting to Ksh1.7 billion ($15.74 million) immediately after selling his shares in the bank.
The Senate Committee on Finance and Budget is investigating the transaction that has raised eyebrows in investment circles and is demanding an explanation from Central Bank on how teachers appeared to have been duped into putting money in an investment that has failed to generate profit in the last six years.