Financial Resources FCU’s Post

Despite a decrease in the number of regulated SACCOs from 359 in 2022 to 357 in 2023, total membership among these SACCOs grew by 6.57%, rising to 6.84 million members in 2023 from 6.42 million in 2022. In 2023, DT-SACCOs boasted a total membership of 6.32 million, which accounts for 92.33% of the overall membership across the 357 regulated SACCOs. The NWDT-SACCOs segment comprised the remaining 7.67% of the total membership. Note: ◾ Deposit Taking (DT) SACCOs: Allow members to save and withdraw their savings anytime. ◾ Non-Deposit Taking (NWDT) SACCOs: Allow members to save but cannot withdraw unless exiting as per SACCO by laws. Sacco Societies Regulatory Authority (SASRA)

#SACCOs must urgently tackle the issue of #dormantmembers, as highlighted in the SACCO Supervision Annual Report 2023. The report reveals that #dormantmembers in #regulatedSACCOs totaled 1.45 million in 2023, accounting for 21.15% of the overall #membership. This dormancy impacts SACCOs #deposits due to withdrawals at higher rates than the #deposits made by existing or new members. To address this, regulated SACCOs should implement strategies to reactivate dormant members while also focusing on attracting new members.

Saving for a rainy day (aka emergency fund) is not easy (nor fun). Especially when working towards other financial goals. Here are 4 questions you need to answer about your emergency fund. --- 💸 If you're not already one of the 15,774 pharmacists signed up to receive our free YFP Money Matters weekly newsletter, you can sign up here: https://lnkd.in/g2Sqfmp5 #emergencyfund #pharmacy #pharmacist #personalfinance #financialplanning

Sponsors and CROs, say goodbye to budget constraints and administrative hassles. SkyePay offers rapid set-up, multiple payment options, and complete transparency. Empower your trials with SkyePay⚡https://buff.ly/3MXq4dm #ClinicalTrialEfficiency #patientpayments #SkyePay

In this article Mesfin Tegenu, founder and CEO of RxParadigm, outlines the steps 340B stakeholders should take to prepare for the day a neutral 340B claims clearinghouse is established and stay ahead of the game. https://lnkd.in/egMAPfCM #340B

🚨 CFPB Reports on Aggressive and Illegal Collection of Medical Debt 🚨 ⚕️Today, the Consumer Financial Protection Bureau (CFPB) released its report highlighting aggressive and illegal practices in collecting medical debt. The report reveals that debt collectors often attempt to collect already paid medical bills or bills eligible for financial assistance and aggressively pursue patients for bills arising from medical payment products. 🔍 Why is this important? 🔍 • Collection agencies must comply with consumer financial protection laws or face legal actions and fines. • Collection agencies should proactively review their policies and procedures to ensure compliance and avoid regulatory scrutiny. 👉🏻 Stay informed on the latest regulatory news in financial services. Check out iKinetiq’s website: https://hubs.ly/Q02NXXpZ0 #finserv #CFPB #consumerprotectionlaws #debtcollection #regulatorycompliance #iKinetiq

🚨 CFPB Reports on Aggressive and Illegal Collection of Medical Debt 🚨 ⚕️Today, the Consumer Financial Protection Bureau (CFPB) released its report highlighting aggressive and illegal practices in collecting medical debt. The report reveals that debt collectors often attempt to collect already paid medical bills or bills eligible for financial assistance and aggressively pursue patients for bills arising from medical payment products. 🔍 Why is this important? 🔍 • Collection agencies must comply with consumer financial protection laws or face legal actions and fines. • Collection agencies should proactively review their policies and procedures to ensure compliance and avoid regulatory scrutiny. 👉🏻 Stay informed on the latest regulatory news in financial services. Check out iKinetiq’s website: https://hubs.ly/Q02NXPWr0 #finserv #CFPB #consumerprotectionlaws #debtcollection #regulatorycompliance #iKinetiq

Rite Aid Nears Sweeping Creditor Deal to Avoid Liquidation. Proposal calls for bondholders to take over pharmacy chain. Global settlement would incorporate multiple creditor groups https://lnkd.in/e_rsduv6 #tradeguard #receivableputoptions #arputs #receivableputs #tradereceivables #accountsreceivables

There is a point in all businesses where capital is needed for expansion, new equipment, new technologies and upgrades to stay ahead of competitors. Financing availability for businesses in the cannabis space is challenging.  Lending institutions like, Financial Resources Federal Credit Union (FRFCU) in New Jersey    have begun opening up their services to cannabis companies. #cannabisloans #cannabisbanking #frfcu #financialresourcesfederalcreditunion #newjerseycannabisfinancing  https://lnkd.in/gxeXQCFf

"It is not about products, it is about people." - Paul B. Bufty - MDRT Learn, Rise, and Excel; that's MDRT! I'm proud to be 2024 COT member. Credit goes to my colleagues, family, and most importantly my clients, as well as to myself for developing my skills and knowledge to educate, protect and serve better. Once MDRT, Always MDRT. #MDRT #FatenNoueihed #COT #lifeinsurance #protection #people #life #love #financialplanning