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Sasra jumpstarts Sacco deposit insurance plan
Delegates follow proceedings during the 6th Kenya Union of Savings and Credit Co-operatives (KUSCCO) Leaders Conference in Mombasa on February 24, 2021. PHOTO | KEVIN ODIT | NMG
The Saccos regulator is seeking changes to the current law to provide a framework for appointing trustees to oversee a Deposit Guarantee Fund (DGF) to protect savers from losses on their over Sh600 billion deposits.
Treasury Cabinet Secretary Njuguna Ndung’u said Thursday the Sacco Societies Regulatory Authority (Sasra) is proposing an amendment to the Sacco Societies Act, 2008, that will, for the first time, help protect depositors from losses.
