Ministry pushes for cooperative bank for teachers' savings
The Ministry of Trade is emphasizing the need for the formation of a National Cooperative Bank to help teachers boost their savings and access affordable loans. According to State Minister for Trade Fredric Ngobi, close to 4 billion shillings go to commercial banks that process their salaries every month, money that could go to their bank once it's created. Ngobi says that although the government gave a 25 billion shilling grant to support WALIMU-the teachers' Sacco, the money was processed through a commercial bank, which is receiving all the interest on that money. He was meeting teachers during their annual WALIMU Sacco assembly.
