This archive report was first published on 3 May 2021.
Published on May 3, 2021, the government has officially ruled out the revival of Moi University Savings and Credit Society (Musco), a once-thriving Sacco that was placed under liquidation in 2018.
Co-operatives Development Principal Secretary Noor Ismail made the announcement during a Senate Committee on Trade and Tourism hearing, where he was questioned about the possibility of salvaging the heavily indebted Sacco.
According to PS Ismail, the process of liquidating the technically insolvent Sacco is already 95% complete, and he described it as irreversible.
Uasin Gishu County had earlier pledged to help Musco, but the PS noted that the county had yet to make any tangible efforts to assist the Sacco. He added that most of the members had resigned themselves to the fact that the Sacco was unlikely to be revived, and were now only asking for a refund.
