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Protect sacco savers from loss on deposits
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 sacco sector regulator is seeking to change the law to allow it to appoint trustees to oversee a Deposit Guarantee Fund (DGF) in the latest effort to protect savers from losses on their over Sh600 billion deposits.
Treasury Cabinet Secretary Njuguna Ndung’u says 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.
