0 votes
in Revision by

What are problems facing the savings and credit cooperative societies in Kenya?

1 Answer

0 votes
by (135k points)

Problems facing the savings and credit cooperative societies in Kenya are;

  • Loan defaulting by members as some leave employment due to terminal illness, sacking and personal reasons.
  • Lack of management skills among members leading to poor management of societies.
  • Corruption and embezzlement of funds by official
  • Poor investment decisions by some officials leading to losses.
  • Stiff competition from commercial banks and micro financial institutions.
  • Late remittance of members contributions by employers.
  • High demand for loans against the receipts from monthly contributions.
  • Retrenchment of workers by both government and private sector has led to financial problems to the society.

Related questions

0 votes
1 answer
0 votes
1 answer
0 votes
1 answer
0 votes
1 answer
0 votes
1 answer
Welcome to Kenyayote Q&A, the largest community site in Kenya where you can ask any question and receive answers from Kenyayote staff and other members of the community.

Before you ask, search the website to make sure your question has not been answered.

If you are ready to ask, provide a title about your question and a detailed description of your problem.
...