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New Bill sparks fear of ‘outsiders’ taking over Saccos

The fate of the proposed law lies in the hands of MPs

A new proposed law could soon see sacco members with huge savings wield veto power on key decisions in the running of the organisations.

Through an omnibus bill, the new amendments to the Sacco Societies Act also open membership of saccos to outsiders and grants them special treatment, which flies in the face of the co-operative principle of equality of members.

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