Private school Saccos experience financial impotence as Covid-19 cases hit the ceiling

BySacco Review

Jul 20, 2020

By Tsozungu Kombe

Private school-based Savings and Cooperative Societies (Saccos) in Mombasa County have been greatly affected by the Covid-19 pandemic.

Mombasa County Cooperative Commissioner Nelson Nyoro attributed this to the closure of schools that took effect when the first case of Corona virus was reported in he country.

He added that the situation has therefore left teachers who are Sacco members penniless with little or nothing to save in their respective Saccos.

“Hotel based and taxi based Saccos in the region have equally been affected,” said Nyoro.

He added that many cooperative societies have not hold their Annual General meetings in the area as a result of the pandemic that has brought everything to stands still in the country” Nyoro said.

He observed that societies are experiencing a drop in deposits due to low business volumes in the region.

“Many tourist hotels in the region have closed down and declared staff redundant and with salaries to enable them to save heavily in their respective Saccos, the situation is getting dire each day,” he said.

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