Government tightens oversight on Saccos to safeguard members' deposits

Among the key measures proposed is the auditing of trips undertaken by Sacco boards...

✨ Key Highlights

The Kenyan government is implementing stringent reforms to protect members' savings in Savings and Credit Co-operative Societies (Saccos) and strengthen their governance.

Proposed measures include auditing board trips and ensuring Saccos engage reputable auditing institutions.
Key individuals involved are Principal Secretary Patrick Kiburi Kilemi and Commissioner for Cooperatives David Obonyo.
Saccos are warned against manipulating financial records for dividends and encouraged to offer affordable, single-digit interest rate loans, with awards planned for October to recognize institutions prioritizing this.

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