SACCO
The Kenya Union of Savings and Credit Co-operatives (KUSCCO) has submitted proposals to the National Treasury for removing excise duty on SACCO member transactions. The move aims to cut financial service costs for members, many of low- and middle-income. Other suggestions include adjusting income tax bands and broadening cooperative society definitions.
Raportoinut AI
Detectives from the Directorate of Criminal Investigations (DCI) have arrested an accountant suspected of orchestrating a multimillion-shilling fraud at a Savings and Credit Cooperative Society (SACCO). The suspect, a former accountant, was apprehended by the Banking Fraud Investigation Unit (BFIU) for transactions totaling Ksh 16 million. Investigations continue to identify other involved parties.