SACCOS transforming lives as banks stifle credit due to interest rates cap

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Recent economic data shows that the economy gained significant ground in the first quarter of 2018 despite having been impeded last year by a devastating drought and a protracted electioneering period in the second half of 2017.
Consequently, savings and credit cooperative societies took advantage of depressed lending from banks to offer loans more aggressively and with more lenient pre- conditions.
However, details are now emerging of Sacco managers who are misappropriating funds, turning this otherwise noble collective savings instrument into a scandal.

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