Kuscco to sell insurance arm and auction houses to refund saccos

The troubled Kenya Union of Savings & Credit Co-operatives Ltd (Kuscco) is considering the sale of a majority stake in its insurance subsidiary and auction houses and land, held by loan defaulters as part of efforts to raise money to refund member savings and credit cooperative societies (Saccos).

The firm, which suffered a Sh13.3 billion heist under the watch of former officials, is likely to offload a majority stake in Kuscco Mutual Assurance—the insurance subsidiary—to strategic investors, according to the Cabinet Secretary for Cooperatives and Micro, Small and Medium Enterprises Development Wycliffe Oparanya.