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As part of a stringent crackdown on poorly managed savings and credit co-operatives (Saccos), the Cabinet Secretary for Co-operatives has declared a moratorium on new registrations and banned the use of loans to pay dividends to members.
The move, the government reckons, will curb "unhealthy financial competition" and protect millions of depositors in a sector that holds over Sh1.08 trillion in assets.
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