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Sacco players to chat way forward after Covid-19 effects

BUSINESS
By Fredrick Obura | February 1st 2021

NAIROBI, KENYA: Savings and credit cooperatives (Saccos) are set for a meeting to deliberate on how to accelerate growth in the industry following the effects of the Covid-19 pandemic.

Themed “SACCOs beyond COVID 19: Accelerating towards Recovery”. The convention will expose leaders to the effects of COVID-19 on the SACCO sub-sector, share success stories, exchange information, and further provide recommendations and mitigation strategies that will accelerate Sacco growth to recovery.

“With the Covid-19 pandemic, the affiliated members of Saccos in different industries retorted to the withdrawal of their deposits and defaulted their loans. This was followed by loan restructuring, postponement of the annual general meeting among other survival measures. These adjustments must have had a huge impact on Sacco liquidity and the dilemma on governance is an issue,” noted Kussco’s Group managing Director George Ototo in a statement.
“There is, therefore, a need for leaders to come together and evaluate the measures,” he added.

The Kenya Union of Savings and Credit Co-operatives Limited (KUSCCO) on Monday received a Sh500,000 sponsorship from Sidian Bank to support Co-operatives in accelerating post-pandemic recovery.

The sponsorship will also support KUSCCO as they host their sixth Annual Sacco’s Leaders convention in Mombasa from 22nd to 26th February 2021.

“As the country is adversely affected by the COVID-19 pandemic, we have also ensured that we offer solutions to our customers to aid in keeping their businesses afloat,” said Sidian CEO, Chege Thumbi, during the cheque handover.

George Ototo KUSCCO MD (L) and Chege Thumbi Sidian Bank CEO (PHOTO: Courtesy).


 

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