Government to create a SACCOs deposit guarantee fund

Lenin Lumumba

The Kwara Take

The Kenyan government is finalizing the National Cooperative Policy that will among other things create a SACCO Deposit Guarantee Fund.

In a story published by the Star Newspaper, the policy is expected to provide protection to SACCO deposits of up to USD 1000 a member. Every registered SACCO will be expected to contribute to the fund.

Kwara supports this move as it will help to protect SACCO members and create a good buffer for them and their investments in SACCOs. We further laud the government's efforts in working towards creating a productive cooperative sector in the county

Co-operatives Principal Secretary Ali Noor Ismail said the fund will insulate Sacco depositors from unforeseen eventualities in their SACCOs. 

This move is very important for the sector especially with the growing membership base in many SACCOs today.

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