Kenyan saccos join National Payment System to lower cost of credit
Kenya's Harambee Investment Co-operatiive Society members during a past AGM. Kenyan saccos are set to join the National Payment System (NPS), which will allow them to clear cheques and begin lending to one another in a bid to lower the cost of credit. PHOTO | FILE | NMG
Kenyan savings and credit co-operative societies (saccos) are set to join the National Payment System (NPS), which will allow them to clear cheques and begin lending to one another in a bid to lower the cost of credit.
The plan, which has been adopted by President William Ruto’s administration as part of its financial inclusion agenda, seeks to reduce saccos’ over-reliance on banks for funding and other commercial services such as cheque processing and issuance.
