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Sacco savers face dividend cuts on Kuscco fraud losses
Audit shows that between 2018 and 2023, Sh206 million may have been stolen through withdrawals from Kuscco Sacco savings bank account in the name of replenishing cash at Kuscco Fosa branches.
The State has directed 247 savings and credit cooperative societies (saccos) to cut dividends and write off or set aside funds to cover for expected losses linked to the multi-billion shilling fraud at Kenya Union of Savings & Credit Co-operatives (Kuscco).
The directive is expected to guide the saccos in the coming weeks as they host annual general meetings, which approve dividends, provisions and write-offs.
