Economy

Sidian bank to support the post-covid-19 recovery of SACCOS

The Kenya Union of Savings and Credit Co-operatives Limited (KUSCCO) has signed a half a million shillings sponsorship deal with Sidian Bank for their annual convention to be held in Mobasa.

The sponsorship will also see the bank support KUSCCO affiliated SACCOS as they try to recover from the effects of Covid-19.

“With the COVID19 pandemic, the affiliated members of SACCOs in different industries resorted to the withdrawal of their deposits and defaulted their loans. This was followed by loan restructuring, postponement of the annual general/delegate meeting among other survival measures. These adjustments must have had a huge impact on SACCO liquidity and a dilemma on governance issues. There is, therefore, need for leaders to come together and evaluate the measures,” said KUSCCO Managing Director George Ototo in a statement to invitees.