A majority of deposit-taking Saccos in Kenya are experiencing financial instability due to failure by state agencies and private companies to remit statutory deductions on time.
Biashara Sacco Society in Nyeri has invested in cyber security by upgrading and reinforcing its firewalls and information management system following a cyber-attack in August. Members of the sacco on the night of August 30 and 31 got a rude shock when they received text message alerts advising them to immediately withdraw their monies as the sacco was set to close down by August 31.
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