The coronavirus pandemic has changed the patterns of credit consumption in the country among members of Savings and Credit Co-operative Societies (Saccos). The Sacco sector is among those that appear to have defied the harsh impact of the pandemic on the economy, with members’ savings going up. Borrowers also shied from taking long-term loans and instead went for short-term loans as a majority shelved plans to undertake huge capital-intensive development projects. We noted instances where, curiously, some members were borrowing and on the allocation of the money by their Saccos, they did not withdraw the money from the Sacco front offices. With the Covid-19 situation, it is difficult to predict the future… it is not exactly clear what is going to happen.

Source: Standard Digital July 05, 2021 09:10 UTC