SACCO SUPPORT

Joining a Chama, also known as a savings group, can offer several benefits. Here are some of the benefits of joining a Chama: 1.Joining a chama helps you develop financial discipline: By joining a Chama, you commit to making regular contributions or savings. This can help you develop financial discipline and a habit of saving […]

SACCOs play an important role in delivering financial services to their members, especially in under served communities. However, like any other financial institution, SACCOs find it difficult in maintaining efficiency and sustainability. In this article, we explore strategies to improve efficiency in SACCO operations, which can lead to better member satisfaction, increased financial stability, and

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

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

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

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

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

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