The sacco paid Sh246 million as interest on loans last year, up from Sh220 million in 2016. He said the sacco had suffered a run on deposits of about Sh1.2 billion over the past two months. Under this scheme, deposits by members in the sacco grew by more than Sh2 billion in one year. “It was an innovation that helped members access loans earlier than they ordinarily would,” said Mr Ng’ang’a. The loans to deposits ratio was 1.7 more than double the 0.9 recommended by the World Council of Credit Unions.

Source: Daily Nation April 16, 2018 21:33 UTC