Kenya, Uganda in race to change Sacco rules as losses hit members

Sacco members during an annual general meeting in Kenya's capital Nairobi.

Photo credit: File | Nation Media Group

Nairobi and Kampala are moving to tighten oversight of savings and credit cooperatives (Saccos) after a string of collapses and fraud cases exposed risks in institutions long celebrated as engines of financial inclusion.

Both governments are reviewing rules governing membership, share capital, deposit-taking and consumer protection in a bid to restore confidence and curb recurring Sacco failures.