State wont revive Musco-PS

BySacco Review

May 3, 2021

By Malachi Motano

The government has ruled out revival of one time vibrant Moi University Savings and Credit Society (Musco).

According to the Co-operatives Development Principal Secretary Noor Ismail, all signs were that the once vibrant Sacco whose license was revoked and placed under liquidation by the government in 2018 will not be revived.

The PS was speaking when he appeared before the Senate Committee on Trade and Tourism to respond to a question on whether the heavily indebted Sacco can be salvaged. He said the process of liquidating the technically insolvent Sacco is already underway, a final step towards winding up the society.

“The liquidation is a legal process. That process is 95 per cent complete. We see it as irreversible,” he said

The PS said although Uasin Gishu County had earlier pledged to help the Sacco out, it was yet to make any tangible efforts, noting that most of the members were already resigned to the fact that the Sacco was unlikely to be revived. “The members are only asking for refund,” he said.

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