{"id":98202,"date":"2023-07-17T17:44:39","date_gmt":"2023-07-17T17:44:39","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market"},"modified":"2023-07-17T18:19:55","modified_gmt":"2023-07-17T18:19:55","slug":"saccos-put-on-alert-as-digital-money-lenders-distort-market","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market","title":{"rendered":"Saccos put on alert as digital money lenders distort market"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Savings and Credit Cooperative Societies (SACCOs) have been challenged to deal with the threat posed by digital money lenders and banks or face collapse.<\/p>\n

Players in the sector noted that the Saccos were under threat from banks and lenders, at a time when cases of loan default and shrinking income were on the rise.<\/p>\n

This emerged during the CIC Insurance Group Limited annual Cooperative Summit in Great Rift Valley Lodge in Naivasha where close to 200 CEO of insurer co-operatives attended.<\/p>\n

According to Patrick Nyaga, the CIC Insurance CEO, the sector was facing stiff competition from different lenders and hence the need for innovation.<\/p>\n

Addressing the press on the sidelines of the conference, Nyaga challenged the Saccos to seek new ways of survival.<\/p>\n

\u201cCurrently banks and virtual money lenders have emerged as the biggest threats to Sacco due to their availability and speed in which they are issuing loans,\u201d he said.<\/p>\n

Nyaga added that the current financial crunch had impacted loan repayment, which had been worsened by the Finance Act that had introduced the mandatory Housing Levy.<\/p>\n

\u201cThe Housing Levy will reduce the amount of salary our members are getting and this will negatively impact on the amount of loan they can get,\u201d he said.<\/p>\n

This was echoed by the CEO Egerton University Sacco Jane Kaimuru, who said that Universities were some of the most affected institutions by the financial crisis.<\/p>\n

Egerton staff have been receiving 60 percent of their salaries for the last two years, forcing the Sacco to adjust loan repayment plans.<\/p>\n

\u201cWe are seeking other ways to raise revenue for the Sacco and we hope the situation will normalize by September when students report to class,\u201d she said.<\/p>\n

Safaricom Sacco CEO Joseph Njoroge admitted that shrinking income for their members and loan defaults had adversely affected the sector.<\/p>\n

\u201cWe should shift our mindset and innovate as we focus on our customers\u2019 needs at a time when nearly all services have been digitised,\u201d he said.<\/p>\n

Kenya National Police Service Sacco CEO Solomon Atsiaya noted the sector which was adversely affected by COvid-19 had not fully recovered.<\/p>\n

\u201cDuring the pandemic, many workers lost their jobs, businesses closed down and just as we were about to recover, the world is facing an economic recession that has eroded all the gains,\u201d he said.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Savings and Credit Cooperative Societies (SACCOs) have been challenged to deal with the threat posed by digital money lenders and banks or face collapse. Players in the sector noted that the Saccos were under threat from banks and lenders, at a time when cases of loan default and shrinking income were on […]<\/p>\n","protected":false},"author":84,"featured_media":98201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-98202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nSaccos put on alert as digital money lenders distort market - kenya<\/title>\n<meta name=\"description\" content=\"Savings and Credit Cooperative Societies (SACCOs) have been challenged to deal with the threat posed by digital money le ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saccos put on alert as digital money lenders distort market\" \/>\n<meta property=\"og:description\" content=\"Savings and Credit Cooperative Societies (SACCOs) have been challenged to deal with the threat posed by digital money le ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-17T17:44:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-17T18:19:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/07\/sm_1689601536.036536.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"649\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Saccos put on alert as digital money lenders distort market\",\"datePublished\":\"2023-07-17T17:44:39+00:00\",\"dateModified\":\"2023-07-17T18:19:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market\"},\"wordCount\":402,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/07\/sm_1689601536.036536.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/saccos-put-on-alert-as-digital-money-lenders-distort-market\",\"name\":\"Saccos put on alert as digital money lenders distort market - 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