The Government has assured millions of Kenyans that SACCO members' savings are safe and will not be used to finance national infrastructure projects.
Speaking in Nairobi, Principal Secretary for the State Department for Cooperatives, Patrick Kilemi, dismissed reports claiming that over KSh1 trillion held by SACCOs would be diverted to fund government infrastructure, terming the reports false and misleading.
Kilemi clarified that SACCO deposits remain the property of members and are managed independently by their elected leadership. He explained that the proposed National Infrastructure Fund would instead be financed through proceeds from the sale of selected government shareholdings, including stakes in Kenya Pipeline Company and Safaricom.
