Teachers To get their Shares refund From SACCOs Due to Liquidation
A good number of teachers teachers employed by the Teachers Service Commission have their membership in various Savings and Credit Cooperatives (Saccos) where they they can be able to save money or have shares and access loans.
Following the ongoing mismanagement issues,teachers find it unfortunate since some of these Saccos have faced financial difficulties something that is likely to result to a loss of teachers’ savings.
Even with this,still there are better saccos that are very responsible and take serious measures to protect teachers’ modest savings during challenging moments.
According to David Obuon,who serves as the CEO of this sacco has revealed that the outstanding loans owed to the Cooperative Bank amount to more than Ksh 45 million.
As a result, there was a move to recover these debts and therefore the bank initiated deductions from teachers’ salaries through the check-off system. This subjected some teachers to receive as little as Ksh 2000.
Teachers To get their Shares refund From SACCOs