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Kuscco business to be regulated after audit reveals Sh6bn theft

CEO of the SACCO Societies Regulatory Authority Peter Njuguna speaks during the Inauguration of the new KUSCCO Board of Directors on May 07, 2024, at NSSF Building in Nairobi.

Photo credit: Photo | Billy Ogada | Nation Media Group

By  Brian Ambani

Business Reporter

Nation Media Group

The government is seeking to regulate the deposit and lending business of the Kenya Union of Savings and Credit Co-operatives (Kuscco) to protect billions of shillings that saccos deposit with the organisation.

This decision follows the revelation this week that top Kuscco officials fleeced the entity of Sh6.56 billion between February 2013 and April 2024.

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