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World Bank wants Saccos turned into banks to beat rate cap

Loan application form and dollar banknotes. [Photo/File]

The World Bank now wants Savings and Credit Co-operatives (Saccos) to operate as banks so as to help lower the cost of credit in Kenya.

The Bretton Woods institution has released a study sanctioned by the Central Bank of Kenya (CBK), outlining a set of reforms that should be introduced to replace the law capping interest rates.

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