The Sacco sector is facing an acid test that might have negative repercussions on the financial industry and the economy at large.
Customer trust has been eroded.
Over the last few years, news about SACCOs have been negative. Nothing great has been reported in this Kshs. 1 trillion sector.
We’ve covered here before how Saccos are struggling partly due to mismanagement, and largely due to looting.
The management, board and the regulatory authority are in this looting together.
Here is a fresh scandal from Urithi Sacco. Urithi Sacco is on its deathbed.
Thanks for your good work that you are doing, there are so many things happening that needs to be unwrapped for Government to come in and help.
Am a member of Urithi Sacco and back in 2016, Urithi housing promised to build houses at Joska-Kamulu called OSTEEN TERRACE.
The plan was to build houses in 24 months (2 years) and hand them over to clients by the end of 2018.
Unfortunately, this never happened as houses are halfway done and no work is going on.
Many of the members who paid 100% are now crying as no word is coming from Urithi Sacco management.
We don’t want to loose our money like what’s happening to Ekeza Sacco.
Please don’t publish my name for security reasons.
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