Sh13.3b Kuscco heist now shines spotlight on Saccos' governance

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The financial troubles bedevilling the Kenya Union of Savings and Credit Co-operatives (Kuscco) have sent Saccos back to the drawing board as they seek to regain the trust of the industry responsible for close to Sh1 trillion of Kenyans' savings.

Players in the sector maintain that Saccos are still the best bet for those keen on growing their wealth and safeguarding their future, despite the panic elicited by the corruption scandal at the umbrella organisation for cooperatives, leading to the loss of Sh13.3 billion. Kuscco is undergoing restructuring under the watchful eye of the State Department for Co-operatives and industry regulator Sacco Societies Regulatory Authority (Sasra).