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Failing Scheme: The NHIF Sacco Has Been Looted Dry

Three weeks ago we highlighted the story of a man who had puled out of The National Hospital Insurance Fund (NHIF) Savings And Credit Co-Operative (Sacco) but hadn’t received his funds months later despite the maximum waiting days to receive of ones savings being 60 days.

Here is the story:

NHIF Sacco Accused Of Non-Payment Of Shares To Retired Member

Good news is that he has now been paid his dues in full.

The bad news is that NHIF SACCO under Ms. Sophy B. Otiu is in dire straits.

The management and board have looted the Sacco such that it is facing a financing problem.

Here is the information:

Hi Nyakundi,

First and foremost I’d like to thank you for highlighting my plight. I’ve managed to get the refund.

The NHIF Sacco was fleeced by the officials in cahoots with the Sacco employees its a big scam because as of 2017, the management could not account for over Kshs 300 million shillings.

Members have been told severally that dividends are capitalized but it appears the money was swindled too cause nowhere in their statements they’d ever shown the capitalised dividends.

If followed properly, the scam can land former board members and current ones and the employees in jail.

I believe that somebody somewhere is actually protecting these people.

I have several colleagues whose money could get lost.

Kindly move with speed and help because I know you are very effective.

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