The Sacco sector is facing an acid test that has already negatively affected 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.
Coverage on social media, and blogs about certain Saccos have been negative; Saccos are struggling partly due to mismanagement, and largely due to looting.
The management, board and the regulatory authority, SASRA are in this looting together.
Here is a fresh scandal from Urithi Sacco. Urithi Sacco is on its deathbed.
These Urithi guys are not paying their obligations neither are they giving anyone Title deeds. Ask around.
For me, My mom made a corporate investment in 2018 and is supposed to be paid every quarter.
She hasn’t received her money this whole year.
One of her investment is ending this September, they don’t pick calls and when you go to their office they give you the runaround.
I think they have gone burst and have no money to run.
It’s become another Ekeza Sacco (this one collapsed and residents had to line-up outside DCI to lodge cases, it was a horrid sight). I understand the Government through the ministry of industrialization is involved now. Urithi Sacco needs to be investigated.