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Saccos unlikely to recover full losses in Kuscco scandal, regulator says

Sacco Society Regulatory Authority (SASRA) CEO Peter Njuguna at a briefing during the 3rd day of the KUSCCO's 7th Annual Sacco Leaders Convention. [File, Standard]

The Sacco Societies Regulatory Authority (SASRA) has said that savings and credit cooperatives (Saccos) affected by the Kenya Union of Savings and Credit Co-operatives (KUSCCO) scandal will not recover all their lost funds.

This comes months after the Ministry of Cooperatives disbanded KUSCCO's board following an audit that uncovered widespread financial mismanagement, including falsification of records.

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