insider lending – Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya

Airport Sacco faces KSh49.9 million loan default by former officials and staff

Sacco ReviewApril 20, 202603 mins

Airport Sacco is grappling with a massive loan default amounting to KSh49.96 million, owed by former board members and employees, according to a Supervisory Committee report presented ahead of the institution’s Annual General Meeting. The report reveals that the former Chief Executive Officer alone owes KSh27 million, while the former chairman is indebted to the…

Insider Lending: A dilemma for Saccos and financial sector

Sacco ReviewFebruary 29, 2024February 29, 202409 mins

Insider lending is a process where a Savings and Credit Co-operative Society (Sacco) or a financial services institution advances loans to its officers or directors. However, in some developed countries, such as the United States, it is a requirement that such loans are charged at the same interest rate, repayment terms and credit evaluation criteria…