“To better protect member deposits, we are establishing a Deposit Protection Guarantee Fund similar to the one used by banks. As this is a new initiative, it will be incubated by the Kenya Deposit Insurance Corporation (KDIC) until it matures. While the Sacco Act of 2008 currently guarantees a recovery of Ksh 100,000, we aim to increase this limit to Ksh 500,000—matching the banking sector’s standard—to ensure members can recover their funds immediately should a Sacco fail.”
~ Hon Wycliffe A. Oparanya, EGH, CS Cooperatives and MSMEs.
