Sharp Daily
No Result
View All Result
Friday, July 11, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Investments

Metropolitan Sacco Records Ksh9.3 Billion In Bad Loans

Editor SharpDaily by Editor SharpDaily
April 29, 2022
in Investments, News
Reading Time: 2 mins read
Metropolitan Sacco

Metropolitan Sacco. [Photo/ Courtesy]

Metropolitan Sacco has recorded Ksh9.3 billion on bad loans or non-performing loans, denying its members dividends for the year ended December 2021.

As a result, the sacco has set aside Ksh6.7 billion as insurance against bad loans, which are threatening to collapse the sacco.

“On a more positive note, providing for these loans will give the Sacco full use of the measures available in the law to recover these loans from the defaulting members and their guarantors,” said the outgoing chairperson Mr Christopher Karanja.

Read: Andrew Bulemi Ukiru Appointed To Cytonn’s Audit, Risk and Compliance Committee

RELATEDPOSTS

No Content Available

In a bid to save the sinking boat, the sacco has decided to go after serial defaulters, cut costs, and overhaul its governance structure to meet legal requirements and reflect the diversity of its membership.

Also revealed during the Sacco’s Annual General Meeting (AGM) in Nairobi last Saturday is that members with loans of up to Ksh2 million are contributing a monthly minimum of Ksh3,000. In new changes, such members would be required to contribute more.

In other changes, board members who retire from active service automatically retire from the board. The chairperson, vice-chairperson, treasurer and secretary-general are also to serve for only two terms of three years each.

Read: Senior Ketraco Manager Under Probe Over Suspicious Multimillion Wealth

“The benefit of this system is that members will be able to elect local representatives who will air their issues to the board and ensure a more responsive governance of the Sacco,” said the chairman.

Sacco’s share capital has been raised from Ksh10,000 to Ksh20,000.

With over 100,000 members, Metropolitan Sacco draws its membership from the Teachers Service Commission, ministries, parastatals, Kenya Defence Forces, National Police Service, public and private universities, colleges, academies and the private sector.

It is the sixth-largest Sacco in the country with an asset base of Sh14.8 billion.

Read: Spire Bank: MPs Unearth More Mess For The Teachers’ Bank

Previous Post

US Pension Schemes Line Up Ksh60 Billion For Africa

Next Post

Brig. (Rtd.) David Ngaira Takes Over As KETRACO Board Chairperson

Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

Analysis

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
Analysis

Lessons from the Kuramo-TransCentury fallout

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Analysis

Kenya’s CIS market: Q1′ 2025 shows a surge, setting the stage for future expansion.

June 26, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025

LATEST STORIES

Why Employers Should Prioritize Pensions Over One-Time Gratuity Payments

July 10, 2025
Business and Finance Concept - Coin, Currency, Financial Item, Graph,

Opinion: Why lower taxes may be Kenya’s only escape route

July 10, 2025

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025

Privatization in Kenya: A new dawn for capital markets and fiscal stability

July 10, 2025

How Kenya is future-proofing its economy against illicit finance

July 9, 2025

The importance of Investment Policy Statements (IPS) for pension schemes in Kenya

July 4, 2025

Understanding Life Cover as an Additional Benefit in Retirement Benefit Schemes

July 4, 2025

Del Monte foods files for bankruptcy in USA

July 3, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024