Saccos in Kenya are in dire straits, very few Saccos are financially stable. The most unstable ones are in the shrinking housing sector.
Now, Urithi Housing Sacco was a few weeks ago in trouble as Auctioneers threatened to sell Panaroma Gardens land.
However, they might not be out of the woods yet.
A local blogger has covered extensively the woes of this Sacco and now it is emerging that he was right.
Urithi might be going down the Ekeza Sacco way.
The management led by Maina seems to have plundered the Sacco, asked where the money went, they can’t answer.
Like a greedy hyena, Urithii went on a land buying spree without reading the economic signs. The country has been raped and a good investor or Sacco should’ve tightened their purses and entered into good and economically viable ventures.
These seems to be a strange advice to the likes of Chairman Maina.
In the fist months of 2019, up to around the time Ekeza Sacco trouble became real and around April, when Urithi Sacco financial troubles emerged, things were okay. Question is: where did they take the money? What was the money used for?
Urithi Sacco has stalled projects, lack of issuance of title deeds for its members and lying to members about their pieces of land.
A brief tour of their Twitter handle points to all of the above issues. For example, one member complained that he has not been issued with A title Deed for the land he bought 4 years ago (2015).
As if that is not enough, they advertise some properties as ‘Beach front’ yet when one visits the site, the beach is like kilometers away.
The Sacco members have lost money in stalled projects while Urithi engages in public relations like giving imposter title deed and then splashing those images in social media; they’ve also used the tactic of lying to the public by paying ‘models’ to visit sites of stalled projects then pose for photographs. Utterly evil.
They also hire some men who pose as workers, in a bid to lie to their members that works in those stalled projects is ongoing.
A lot of Urithi’s woes has been covered on social. media and reported in local blogs but nothing has ever been done to salvage the situation.
The ministry of industrialisation, Commissioner of Cooperatives (CoC) and Sacco Societies Regulatory Authority (SASRA) have kept mum.
Can the new CoC please stand up.
Urithi have been left to grapple with their angry members.
The CEO always lying to them and seeking extension, to sort the issues, now and then.
It is very sad how Kenyans are losing their hard-earned money to cartels who have now invaded the Sacco sector thanks to the precedence set by the retired CoC Mary Mungai and Sasra’s John Mwaka (CEO).
As the blogger stated in his exposé of Saccos, ‘Heri kukufa, kuliko Kuishi Kenya’.
Urithi Sacco is not out of the woods yet and next week, I’ll update you why.