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Burden mounts as Kenyans tap Sh96bn Sacco loans for school fees
Students write their Chemistry paper exams at the start of the Kenya Certificate of Secondary Education (KCSE) examinations at Kisumu Boys High School in Kisumu on November 6, 2023.
Kenyans tapped Sh96.3 billion loans from savings and credit cooperative societies (saccos) to pay school fees and related expenses last year, underlining the growing burden of educating in private institutions amid falling standards in cheaper public schools.
New data released by the Sacco Societies Regulatory Authority (Sasra) shows that borrowing to pay fees is only second to loans for purchase of land and building residential houses at Sh124.2 billion, which has traditionally been the primary focus of the credit unions.
