Spire Bank
File | Nation Media Group

How teachers’ sacco lost Sh2.4bn by buying a ‘dead’ bank

What you need to know:

  • Mwalimu Sacco was determined to make history as the first sacco in East Africa to own a commercial bank.
  • Mwalimu Sacco executives ignored all red flags and bought 75 per cent of the bank in one fell swoop.


October 10, 2014. A public holiday. Previously Moi Day, and now Huduma Day.

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