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MOMBASA, Kenya Feb 24-Two parliamentary committees have called on Saccos to mobilize their vast resources and invest in projects that are aligned to the Kenya breaking news | Kenya news today |
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KUSCCO chairperson George Magutu (left), Embu Senator Peter Njeru Ndwiga and the ICUDE Group Managing Director George Ototo (PHOTO: Kelvin Karani)
Both levels of government, as well as other State agencies, have not remitted close to Sh4 billion of their employees’ deductions to their respective Saccos.
Kenya Union of Savings and Credit Co-operatives (Kuscco) yesterday said this had left many saccos in a serious liquidity crisis.
Kuscco Group Managing Director George Ototo said yesterday most State agencies, including universities, counties and water companies have been in default since last year following the outbreak of Covid-19.
“We would like universities, county governments, water companies and fresh produce entities compelled to release statutory deductions owed to saccos totalling Sh3.8 billion,” said Mr Ototo (pictured, right).