NAIROBI, Kenya, Feb 5 – The Kenya Union of Savings and Credit Cooperative Society (Kuscco) has said that it is committed to accountability and transparency amid an ongoing probe into handling cash.
The Saccos umbrella body said that it is engaging with the Ministry of Cooperatives, MSME Development, and Commissioner for Cooperatives to abide by existing laws.
Kuscco assurances come after Cooperative CS Simon Chelugui last week ordered an inquiry into the body over suspected involvement in deposit taking.
Chelugui directed the Sacco Societies Regulatory Authority (SASRA) to investigate the matter.
The outcome of the findings, Chelugui said, will determine whether or not KUSCCO Ltd. is undertaking regulated Sacco business in violation of the law.
“As an advocacy body, we support the government’s initiative to amend the Cooperative Societies Act and the SACCO Societies Act to enhance governance and ensure sustainability of our sector,” Kuscco said in a statement.
“This includes operationalization of the Deposit Guarantee Fund, provision for the shared services platform and the outlining of regulations for deposit-taking Unions and how the deposits are invested.”
Kuscco added that it will continue to oversee the Sacco industry.
“We wish to reassure the public that all activities undertaken by KUSCCO are in service of our core mission, which includes the provision of market-driven products for our esteemed members. Subsidiaries operating under the KUSCCO umbrella exist for this sole reason,” it added.
