M-Akiba 2 raises KSh263 million, misses the KSh500 million target
M-Akiba missed the Sh500m target despite gaining 51,461 new accounts. The National Treasury (TNT) reported that the M-Akiba Retail Infrastructure Bond issue “Re-Open 3 of August 2019” raised Sh263 million.
How saccos in Kenya are addressing non-remittance of funds
A majority of deposit-taking Saccos in Kenya are experiencing financial instability due to failure by state agencies and private companies to remit statutory deductions on time…
Sacco members during an annual general meeting in Kenya’s capital Nairobi. Failure by employers to remit deductions is increasingly becoming a big threat to the survival of many saccos. PHOTO | FILE | NATION MEDIA GROUP By NJIRAINI MUCHIRA A majority of deposit-taking Saccos in Kenya are experiencing financial instability due to failure by state agencies and private companies to remit statutory deductions on time. As the government streamlines savings and credit co-operative societies that are reeling under the weight of mismanagement, fraud and bad loans, failure by employers to remit deductions is increasingly becoming a big threat to the survival
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Visa set to take aim at M-Sacco in apps race The dominance of M-Sacco — Kenya’s mobile banking app for savings and co-operative societies — will come under pressure after global tech payments platform Visa announced plans to launch a similar payments product. The new digital product, now at the concept stage, is the brainchild of Visa and the sacco umbrella federation, Kenya Union of Savings and Credit Co-operatives (Kuscco). Speaking on the sidelines of the 2019 World Credit Union (Woccu) Conference, Visa head of community accounts Douglas Leighton confirmed the digital app development at its Dubai-based Innovation Center.