Sheria Sacco members stopped from guaranteeing more than two loan applicants

Deputy Chief Justice Philomena Mwilu, who is the Chairperson, Sheria Sacco at Kamel Park hotel during Head of Stations Forum held recently. Photo: Emmanuel Gwakoi

Sheria Sacco has stopped members from guaranteeing several members.

Sacco chairperson, Deputy Chief Justice (DCJ) Philomena Mwilu has said it will curb loss of funds through defaulted loans.

The official noted previously, a member could guarantee several members and the Sacco lost funds.

“Last year, the Sacco lost KSh78 million, a member can only guarantee one Principal  so that we can recover our money if he or she defaults,” Mwilu said.


Saccos slowly shift from guarantors to issuing loans against personal security

The DCJ, accompanied by Chief Registrar, Winfridah Boyani and Deputy Chief Registrar, Paul Ndemo spoke at Kamel Park hotel during Heads of Station Forum.

She challenged judicial officers to patronise the Sacco, stressing, she would invest their funds in the money market, grow it to benefit members.

“We have Front Office Activity (FOSA) and you will access your money any time you need it,” Mwilu said.

Emmauel Gwakoi

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