A Savings And Credit Cooperative Economics Essay

A Savings And Credit Cooperative Economics Essay The inception of SASRA in October, 2009 made it a requirement for SACCOs in Kenya to acquire licenses in order to be take deposits. Since then, there has been a steady increase in the number of deposit taking SACCOs in Kenya seeking licensing with already licensed and operational SACCOs growing in terms of membership, deposits, total assets, gross turnover, loans granted, and equity (SASRA, 2011, p. 25). A total of 570 SACCOs were registered between 2009 and 2010 increasing total registered and operational deposit taking SACCOs to 3,632. SACCOs are increasingly allowing persons who were not in the original bond to become members. This is to respond to competition and ensure sustainability as the traditional market shrinks. For example rural farmer based SACCOs are rebranding to position themselves as a national SACCOs so as to attract non farmers such as business persons and employed persons (SASRA, 2010). A Savings and Credit Cooperative (SACCO) is one â€Å"that pools savings for its members providing them with credit facilities† (UN-HABITAT, 2010). The general objective of SACCO is to promote the economic interests and general welfare of its members. They are formed based on a common bond which could be economic activity, geographical location or employment. The ICA Statement on the Co-operative Identity defines a cooperative as â€Å"an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise†. Co-operatives are based on the values of self-help, self-responsibility, democracy, equality, equity and solidarity. Co-operative members believe in the ethical values of honesty, openness, social responsibility, and caring for others (Bibby & Shaw, 2005). The 1995 ICA Congress also reformulated seven principles of co-operatives. In summary, they are: Voluntary and open membership Democratic member control Member econom ic participation Autonomy and independence Education, training and information Co-operation among co-operatives Concern for the community Different SACCOs provide a number of products which include but are not limited to credit services, deposit and savings facility, cheque clearing, bankers’ cheques, standing orders, safe custody, and salary advances. History of SACCOs The pioneers of modern cooperation emerged in working- class environments in European Industrial cities of the 19th Century. In the 1840s,the first to industrialize countries (Great Britain and France),pioneers of co-operative invented models of the consumer cooperative and the labor cooperative to defend and promote the interests of working-class families in the face of the social disasters caused by industrial revolution. The second generation of the pioneers of modern cooperation emerged, in certain European rural environments in the late 19th century. In the 1860s, these pioneers created the models of agri cultural cooperatives and savings and credit cooperatives inspired by the success of the consumer cooperatives formula in Great Britain and based on old traditions of rural solidarity aimed to meet the primary economic needs, which went unsatisfied. Agricultural cooperatives then enabled families of farmers and livestock raisers to organize their own supply systems of agricultural inputs and market their products and no longer depended on merchants and businessmen in the cities. The SACCO helped them to stop depending on moneylenders and to find the credit necessary to modernize their agricultural cooperatives (Mwakajumilo, 2011) .

Commercial Contract Case Study Example | Topics and Well Written Essays - 1000 words

Commercial Contract - Case Study Example (Atiyah Chapter 1). c.) Acceptance: When two parties willingly agree to the terms and conditions of a contract, then the requirements of acceptance can be claimed to have been met. Thus, the moment Stamatelly showed written acceptance of the laptop at the offered price, the first part of the contract can be said to have begun. Even if Yusuf did not show the initial direct signs of accepting, his action of replying to the e-mail to clarify the offered price is an advanced stage of acceptance to sell the laptop. (Atiyah Chapter 1). d.) Acquiescence: This is defined as the contracting parties actions and inactions as long as the initial acceptance stage had been satisfied. The issue of time is also important at this stage, as a seller who makes an offer at certain terms and conditions and receives offers at the same, needs to seal the deal without any further delay. In the above case study, Yusuf first made the laptop offer at $200. Stamatelly replied with an earlier lower price of $120. However Yusuf was adamant and fixed the offer at $200, which Stamatelly acquiesced to without further condition. (Atiyah Chapter 1). In the end Yusuf sold the laptop to another party at $180 which was much less than what Stamatelly wanted to offer. Yusuf also changed conditions for the sale at later stage to include time that the offer will be available. Even though he set the final settlement time of before noon the next day, he had sold the laptop the previous evening. This, coupled with the last minute change of price will be a potential legal suit for breach of business contract. (Atiyah Chapter 1). An analysis of the objective theory of this contract. In citing the Wilson Court Ltd. P'ship v. Tony Maroni's, Inc., 952 P.2d 590, 594 (Wash. 1998) (citing U.S. Life Credit Life Ins. Co. v. Williams, 919 P.2d 594, 597 (Wash. 1996), a contract is objective its manifestation is considered over its unseen subjective intentions of the contracting parties. Thus in the case study, Yusuf exhibited outward manifestation of assent when he clarified that the price would remain at $200. Thereafter, Stamatelly expressed mutual consent on these terms. At no one time was there any dispute about the condition of the product of contract which is the laptop. (Atiyah Chapter 2 - 4): (Stephen Waddams Chapter 1-3) It is also right to hold that both parties expressed outward manifestation of assent. Yusuf did so by the exclusive advertisement about the Laptop make, condition and price and even gave out his telephone numbers and e-mail for authenticity of the advertisement. Stamatelly also did so by writing to accept the offer in terms and condition by e-mail. The e-mail platform in this case study can be held as the outward manifestation whether direct or indirect. This is following the City of Everett v. Estate of Sumstad, 631 P.2d 366, 367 (Wash. 1981). (Atiyah Chapter 2 - 4): (Stephen Waddams Chapter 1-3) Possible Legal Redress. Stamatelly can rightly seek legal redress. She can aver that Yusuf was in breach of commercial contract especially at the acquiescence stage. She can cite the issue of time that was first introduced at a later stage

Epidemiology Lab Report Example | Topics and Well Written Essays - 250 words

Epidemiology - Lab Report Example In 1977, there was 1 fatal case in Tandala, in Equator province. In 1995, in Bandundu province, there was additional cases in Vanga, Fashi, Mosango,Yassa Bonga, Bulungu, Gungu, Imbongo, Idiofa nad Mukala (CFR of 81%, 315 cases). In 2007, Notified by WHO, there was 264 cases (CFR of 71%) and in 2008 there was 32 cases (CFR of 44%), both were reported in Kasai Oriental province. In 2012, an outbreak which was caused by Bundibugyo ebolavirus occurred in eastern Congo, Orientale province (CFR of 51%, 57 cases). The overall Case Fatality Rate has been 79%, with a total of 736 fatal cases. When compared to the current outbreak in West African countries, the risk of exposure to Ebola virus in healthcare settings in Congo, is low since the outbreak in Equator province is still limited in geographical spread and size. Nonetheless, the risk involved in the actual transmission is dependent on the use of proper infection control measures in every health facility. DRC residents have a life expectancy of 0.94 .The EU citizens who provide health care in the affected region are at a higher risk of exposure to this virus. Individually, there is a higher risk of transmission via unprotected sex activity with a partner who is still recovering from Ebola. If the proposed standard infection control measures are strictly followed, transmission can be effectively be controlled and prevented in return. Lately, the outbreak of Ebola have been evolving in the Equateur province of the DRC since the start of August 2014. As at 9th October, 71 confirmed and reported cases have been identified in Congo; with 15 suspected, 26 probable, 30 confirmed of Ebola virus disease, inclusive of eight health care workers (CFR of 43.8%). This shows how the epidemiological features of Ebola outbreak are consistent with past outbreaks. Ebola outbreak has not yet been brought under control and is expected that more cases will be identified through active