Mwalimu Sacco bid to buy Equatorial faces headwinds

Kenya: Mwalimu Sacco’s bid to acquire a 51 per cent controlling stake in Equatorial Commercial Bank (ECB) has sunk into further controversy, throwing the proposed investment into doubts.

This is after the Co-operative Alliance of Kenya (CAK), the umbrella body of more than 10 million-member cooperative movement wrote to the Ministry of Industrialisation and Enterprise Development seeking to have the transaction suspended over credibility issues. Mwalimu Sacco draws its membership mostly from teachers and their spouses as well as education sector employees such as the Teachers Service Commission staff. The society has close to 60,000 members.