Sacco Review | The Leading Newspaper for Co-operative Movement in Kenya
The Leading Newspaper for Co-operative Movement in Kenya
The Kenya Deposit Insurance Corporation (KDIC) has unveiled proposals to strengthen depositor protection by doubling the compensation limit to KSh1 million per depositor, up from the current KSh500,000, in the event of bank collapse. In a public notice, KDIC explained that the review seeks to adjust the maximum guaranteed payout to reflect current realities in…
The Kenya Deposit Insurance Corporation (KDIC) has intensified its dispute with Absa Bank Kenya regarding a KSh215 million refund claim made by the bank, concerning purported over payments in statutory deposit protection fund premiums. The lender listed on the Nairobi Securities Exchange (NSE), filed a legal action against KDIC on October 14, 2023, requesting a…
By Malachi Motano The Savings and credit cooperative societies (Sacco) sub-sector defied the economic challenges recorded in the troubled 2020 financial year to record a growth of 14 per cent in assets during quarter three compared to the same period previously. According to the Sacco Societies Regulatory Authority (Sasra) chairman John Munuve, the sector’s assets…
By Malachi Motano The government is in the process of implementing the Savings and credit co-operative societies (Saccos) deposit guarantee fund to insulate depositors from unforeseen eventualities. “We are finalising the National Cooperative Policy that will allow the creation of the Sacco Deposit Guarantee Fund (SDGF), a scheme which will provide protection to Sacco deposits….
