- KUSCCO has officially been placed under liquidation.
- The union faces a Ksh11.6 billion financial deficit.
- Three officials will oversee the liquidation.
KUSCCO has been placed under liquidation via Gazette Notice No. 13997, after members resolved to dissolve the union amid a Ksh 11.6 billion deficit.
The Kenya Union of Savings and Credit Co-operative Societies (KUSCCO) Limited has officially been placed under liquidation after its members resolved to dissolve the union amid a severe financial crisis.
The decision was gazetted on Monday, August 31, 2026, through Gazette Notice No. 13997 issued by the Commissioner for Co-operative Development, David K. Obonyo.
The notice cancels the registration of KUSCCO and orders its liquidation pursuant to Sections 62(1) and 65 of the Co-operative Societies Act.
The move follows a resolution passed by KUSCCO members during a Special General Meeting held on Friday, August 28, 2026, at All Saints’ Cathedral in Nairobi.
The meeting, convened by the Commissioner for Co-operative Development, came amid concerns over the union’s financial and governance challenges accumulated over the 2013–2024 period.
A review of KUSCCO’s financial position presented to shareholders showed that the organisation has assets estimated at Ksh 5.4 billion against liabilities exceeding Ksh 17 billion, resulting in a financial deficit of more than Ksh 11.6 billion.
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Following deliberations, shareholders resolved that an orderly liquidation was the most viable option to preserve the union’s remaining assets and address its outstanding obligations.
Under the liquidation process, KUSCCO’s remaining physical and financial assets will be secured and disposed of where necessary, with proceeds used to settle outstanding debts and liquidation expenses. Any balance remaining will be distributed in accordance with Kenya’s co-operative laws.
The Commissioner has appointed CPA Peter Wanjohi Kimani, Deputy Commissioner for Co-operative Development, Habil Omolo Jesse, Principal Co-operative Officer, and Marian Adam Abubakar, Deputy Chief State Counsel, as liquidators.
The three officials, drawn from the State Department for Co-operatives, will oversee the liquidation for a period not exceeding one year and take custody of KUSCCO’s property, books and other documents required to complete the process.
By Obegi Malack
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