Nairobi, April 13 -- Savings and Credit Cooperative Societies (saccos) are in line for a Sh5.54 billion cheque as their holding company proposes to distribute nearly all the dividends earned from Co-operative Bank of Kenya.

Co-op Holdings Co-operative Society, which holds a 64.5 percent stake in Co-op Bank on behalf of saccos, is proposing to distribute 97.4 percent of the Sh5.68 billion it is set to receive as its share of dividends from the lender.

This will see the saccos' earnings rise from Sh3.69 billion that was recorded in the previous year. Co-op Holdings will retain about Sh144 million after the latest payout.

The payout, set for on or before June 9, comes after Co-op Bank board recommended a 50 percent rise in dividends to Sh...