Saccos under threat from remittances delay

From left Director KEFRI Dr. Joshua Cheboiwo and Dr. Phillip Cherono, the national chairman Ukulima Sacco

Delay by county governments, parastatals, and institutions of higher learning to remit employee deductions could affect Savings and Credit Cooperative Societies (SACCOs) liquidity levels.

Sacco’s leaders warn that the remittance delay coupled with reduced purchasing power, in the long run, will disrupt the financial base of the credit unions.