Dear Kenyans, We’ve seen the country go to the dogs. Every facet of our lives has been affected. Even more shockingly, the social protection sector and the mwananchi way of saving and gaining credit through SACCO is increasingly falling in the hands of cartels. What is happening? This is why am requesting for information about Sacco Societies Regulatory Authority (SASRA). SACCOs dont operate in a vacuum, they are regulated by SASRA. And since the board and management of Saccos have joined in the the looting of Saccos, it seem SASRA might also be in the mix. SASRA is mandated to regulate and supervise Sacco societies, yet they seem to have failed. In the case of failing Urithi Sacco, SASRA found out that they were taking deposits without a license in 2015, yet allowed them to continue. Urithi is about to collapse. Get your money out. Why should Mr. John Mwaka, the CEO of SASRA and the board continue to earn huge salaries yet they do nothing to safeguard the saving of Sacco members? If you have any information about corruption in SASRA and at the Ministry of Industrialization specifically the Commissioner of Cooperative office. Please send to us using the contact information given at the bottom of this article. We need to get them before the Kshs, 1 trillion industry dies. (Confidence in SACCOs is already low) ‘at stake are hundreds of billions of shillings of members’ savings that have either been lost or are at risk of being lost as more and more cases of financially troubled Savings and Credit Co-operative Societies (Saccos) come to the fore. Just three Saccos; Mwalimu, Ekeza and Stima Investment Co-operative, are together estimated to have lost their members upwards of Sh3.6 billion through mismanagement or outright fraud by officials and boards’. Even as Ethics and Anti-Corruption Commission (EACC) has joined hands with Commissioner of Cooperatives, we need to whistle blow on mismanagement and underhand dealings in this industry. In 2015, SASRA blacklisted Good Life Sacco Society and related Fedha Micro-Finance Investment Limited, Prevailing Sacco Society Limited, New Milimani Sacco Society Limited, Millionaire Sacco Kenya and Urithi Premier and its affiliate Urithi Housing Co-operative Society Limited, for taking deposits from members without the requisite license. SASRA CEO John Mwaka warned the public that they risked losing money by transacting with the above entities. Yet, most operate up to now. Good Life actually sank with people’s money.
By the time of its closure, Good Life Sacco had branches in Eldoret, Nairobi, Thika, Nyeri, Nakuru and Nyahururu. Members had saved more than Sh1 billion. Obadia claimed that the collapse was occasioned by panick withdrawals. Here are some articles we wrote concerning SACCOs. Saccos are in dire straits. [‘Heri Kufa Kuliko Kuishi Kenya’] SACCOs Once The Safest Money Saving Schemes, Now A Cash Cow For Corrupt Few Kericho Based Imarisha Sacco Going Down Due To Money Laundering And Fraud [EXPOSÉ] Urithi Housing Cooperative Society Accused Of Scamming People NHIF Sacco Accused Of Non-Payment Of Shares To Retired Member How Imarisha SACCO Management Looted The Sacco Photos Of Conned Kenyans At The DCI Offices Along Kiambu Road; Kameme FM Aided In This Fraud Of Epic Proportions.
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