This archive report was first published on 11 May 2021.
On May 11, 2021, Kenya's financial regulator cracked down on unlicensed digital savings and credit cooperatives, also known as Saccos.
The regulator's move aims to protect consumers from rogue digital Saccos that have been operating without proper licenses and oversight.
These unlicensed digital Saccos have been offering savings and credit services to unsuspecting Kenyans, putting their hard-earned money at risk.
The regulator's action is a significant step towards ensuring the stability and security of the country's financial sector.
