Teachers To Be Refunded Shares
A good number of teachers who are serving under the Teachers Service Commission TSC are members of various Savings and Credit Cooperatives (Saccos), this plays a crucial role in helping them save money and access loans.
However, as a result of mismanagement issues, a number of these Saccos have faced financial difficulties, something that has resulted in the loss of teachers’ savings.
There are other Saccos that have taken proactive measures to protect teachers’ modest savings during challenging times.
CEO of the Sacco,Mr. David Obuon, indicate that the outstanding loans owed to the Cooperative Bank amount to more than Ksh 45 million.
With the aim to ensure recovery of these debts, this bank initiated deductions from teachers’ salaries through the check-off system, hence causing some teachers to receive as little as Ksh 2000.
The above development is occurring at a time when another prominent Sacco , Mwalimu National was also forced to reverse its earlier investment decision following substantial losses. The above Sacco was forced to sell Spire Bank, a bank which had become a financial burden since its acquisition in 2015 from the late business mogul Naushad Merali.
Teachers To Be Refunded Shares
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