The government has announced a three-year plan to reimburse the billions lost by savings and credit cooperative societies (SACCOs) in the Kenya Union of Savings & Credit Co-operatives (KUSCCO) scandal.
Speaking at the Kenya National Police DT SACCO Best Savers Education Conference in Mombasa on Wednesday night, Cabinet Secretary for Cooperatives and MSMEs, Wycliffe Oparanya, pledged that the Ksh13 billion shortfall would be fully settled by 2028.
Last month, the government directed 247 SACCOs to reduce dividend payouts and allocate funds to mitigate potential losses linked to the multi-billion-shilling fraud at KUSCCO.
The State Department for Cooperatives instructed members to prioritise financial stability over immediate returns by setting aside reserves to cushion against possible losses from their deposits and shares in KUSCCO.
