The demise of Victoria Basin Savings and Microfinance Cooperative Trust Ltd was a big blow to so many people’s livelihood. Founded in 1990, this once vibrant entity started operating as a building society and then transformed into a SACCO. It became an immediate success. However, changes in the legal status (from a building society into a SACCO) called for better ways of doing things especially an effective and independent Board of directors to provide effective oversight, risk management and going concern. Unfortunately, its leadership and members did not respond to the new realities. It was reported that one of its…