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House items to secure sacco loans in new law
Kenya currency notes. Saccos lending model use guarantors for issuance of credit. In case of default by the borrower, the amount guaranteed by the guarantor is used to cover part of the loan. FILE PHOTO | NMG
Savings and credit co-operatives societies’ (Sacco) members will soon use household goods, livestock and office equipment as additional security for loans.
Business Registration Service (BRS) is in talks with the Saccos to join banks and expand their loans securities to include movable items.
