State bans Saccos from borrowing to pay dividends

As part of a stringent crackdown on poorly managed savings and credit co-operatives (Saccos), the Cabinet Secretary for Co-operatives has declared a moratorium on new registrations and banned the use of loans to pay dividends to members. 

The move, the government reckons, will curb “unhealthy financial competition” and protect millions of depositors in a sector that holds over Sh1.08 trillion in assets.  

Unlock the Full Story — Join Thousands of Informed Kenyans Today

Unlock the Truth Now 》

Unlimited access to all premium content
Uninterrupted ad-free browsing experience
Mobile-optimized reading experience
Weekly Newsletters
MPesa, Airtel Money and Cards accepted

Login

Already a subscriber? Log in

`;
} else {
teaserEl.innerHTML = “”;
}

activeEl.innerHTML = “”;
paywallEl.style.display = “block”;

} else if (now >= saleStart && now <= saleEnd) {
paywallEl.style.display = “none”;

var diffToEnd = saleEnd – now;
var totalSeconds = Math.floor(diffToEnd / 1000);
var days = Math.floor(totalSeconds / (24 * 3600));
var hours = Math.floor((totalSeconds % (24 * 3600)) / 3600);
var minutes = Math.floor((totalSeconds % 3600) / 60);
var seconds = totalSeconds % 60;

activeEl.innerHTML = `

Offer ends in…

${days}Days
${String(hours).padStart(2,’0′)}Hours
${String(minutes).padStart(2,’0′)}Minutes
${String(seconds).padStart(2,’0′)}Seconds

Subscribe Now & Save

`;
} else {
teaserEl.innerHTML = “”;
activeEl.innerHTML = “”;
paywallEl.style.display = “block”;
}
}

function formatTime(ms) {
let totalSeconds = Math.floor(ms / 1000);
const days = Math.floor(totalSeconds / (3600 * 24));
totalSeconds %= 3600 * 24;
const hours = Math.floor(totalSeconds / 3600);
totalSeconds %= 3600;
const minutes = Math.floor(totalSeconds / 60);
const seconds = totalSeconds % 60;
return `${days}d ${hours}h ${minutes}m ${seconds}s`;
}

updateFlashSale();
setInterval(updateFlashSale, 1000);

Follow The Standard
channel
on WhatsApp

As part of
a stringent crackdown
on poorly managed savings and credit co-operatives (Saccos), the Cabinet Secretary for Co-operatives has declared a moratorium on new registrations and banned the use of loans to pay dividends to members. 

Follow The Standard
channel
on WhatsApp