News Column

Kuscco Bets On Credit Information Sharing

June 3, 2014

Nancy Agutu

The Kenya Union of Savings and Credit Co-operatives has set up a task force to help handle serial loan defaulters who agonise loan guarantors.

Kuscco's national chairman George Magutu said last Friday that the team will share Sacco members' credit information with credit reference bureaus in bid to reduce default risk.

"The task force will be operational for one year (which started January 31st). They will ensure that the sector participates fully in filing credit information by February 2015," Magutu said.

The umbrella Sacco held an annual delegates meeting.

Kuscco's turnover increased by 13.6 per cent to Sh733.3 million in 2013 from Sh645.3 million in the previous year.

Magutu said the Kuscco will support regulatory measures that help the sector seal loopholes that antagonise the sector's financial health.

The Kuscco task force of 13 members is drawn from Sacco chief executives across the country and will represent their regions fully.

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Source: AllAfrica

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