Chama A Chama is an informal cooperative society that is normally used to share funds together and invest as one. Moreover, most of these Chamas are informal. Chamas have the following characteristics; SACCO (Savings and Credit Co-Operative Society) It’s a self-help organization where a group of people keep their savings and offer loans to their […]
Comparison between a Chama and a SACCO Read More »
Joining a Savings and Credit Cooperative (SACCO) can provide several benefits, including: Access to credit SACCOs provide loans to members at relatively lower interest rates compared to traditional financial institutions. Members can use these loans to meet various financial needs such as starting or expanding a business, paying for education, or purchasing a home. Savings
Benefits of Joining A SACCO Read More »
In recent years, the financial landscape has witnessed a significant shift towards digitization, with SACCOS, Microfinance Institutions (MFI), and Chamas (informal savings groups) embracing technology to streamline operations and enhance services. This transformation brings forth a multitude of benefits, revolutionizing the way these entities operate and cater to their members. Here are some of the
Benefits of Digitization In SACCOS, MFI & Chamas. Read More »
Bookkeeping is the process of recording financial transactions regularly of a company, Sacco or any other cooperate institutions carrying out business operations. Effective bookkeeping enhance track record of all information that aid in operations, investment and decision making when it comes to financial issues such as expenditures, incoming revenue and deductible tax. The process of
Benefits of proper bookkeeping in a SACCO Read More »
Fraud has been defined by International Standards on Auditing(ISA) as an intentional act by one or more individuals involving the use of deception to obtain an unjust or illegal advantage. In the context of this subject I’ll define fraud as wrongful or criminal deception intended to result in financial gain. In this article I’ll highlight
Protecting SACCOs from fraudsters – Securing SACCOs In Kenya. Read More »
The process of procuring a SACCO Management System is not easy. This becomes more difficult for a SACCO that is fairly small, new or doesn’t have a dedicated ICT department. You will find that most SACCOs in Kenya are managed by elderly people. In most cases (I say this with much respect) some might not
How to choose a SACCO management system Read More »
In this article, we will talk about the features of a good SACCO management software/system. There are quite a number of SACCO management systems out there. Just choosing the right one could be the problem. If you have read my other article on how to choose a SACCO Management system, you probably know that it
Features of a good SACCO management software Read More »
A SACCO like any other financial institution is faced with myriads of challenges. These challenges range from managerial, to dispensation of services. In this article I will share with you the benefits of a SACCO management system. In summery: Point 1. Streamlines record keeping. A SACCO management system helps to streamline the process of record
Benefits of a SACCO management system to a SACCO Read More »
