The Initial Noble Intention:
IG (Invest and Grow) Sacco is a licensed deposit-taking Sacco by SASRA under the Sacco Societies Act, 2012. The Sacco was formed in 1977 and registered as a Co-operative society, with a total membership of 115. Through the onset visionary leadership, committed members and staff, the Sacco has undergone tremendous transformation and developed its rich history over the years.
Kakamega Teachers Sacco Ltd, KATECO was founded with strong, bold, stable and superior goals that targeted holistic empowerment of teachers within its catchments. The SACCO rebranded to become the now IG (Invest And Grow) Sacco Ltd in 2015. KATECO was founded to propel a re-energized spirit of diligent service with a special touch to her members with a cognitive social corporate responsibility. The Sacco was an initiative of few mindful leaders from the teaching fraternity who chose to cultivate a stable culture of investing among its members as a way of prompting individual and collective economical growth. IG SACCO has 7 branches namely: Malava, Mbale, Butere, Lumakanda, Serem and Luanda.
IG SACCO Vision
To be the leading SACCO and financial services provider in Africa and beyond.
IG SACCO Mission
To empower customers through provision of quality products and services for self-sustainability and socio-economic development.
IG SACCO PRODUCTS
The SACCO has various products thus; Loan Products, Advance Products and Savings Products.
Loan Products encapsulate; FOSA Loan that attracts a maximum repayment period of 24 months. 4 The Loan has a 4 Hour Processing Period. The core qualifications to access the Loan entail; Ability to Repay Subject to 30% of net monthly salary from employer. The key requirements are; The Latest Payslip, a duly filled and signed Loan application Form and a 3 consecutive months salary payment through FOSA. The FOSA Plus Loan has a repayment period of 12 months from the date of access. It is processed within 4 Hours while the Progressive Loan has a 48 Months Repayment Period processed within 1 Month with similar qualifications, requirements and collateral like the former. Akiba Loan has a 24 Months Repayment Period processed within 4 Hours with Non-withdrawable Deposits, Salary, Savings, Akiba Savings, Guarantors and Sacco acceptable tangible securities as security. Empowerment Loan has a 72 Months Repayment Period. It is processed within 1 Month. Qualifications and security are similar to those of the FOSA Loan.
Advance Products entail; Salary Advance that attracts a maximum Repayment Period of 1 Month. One qualifies for this advance if his or her salary is channeled through the FOSA. The latest Payslip, Duly filled and signed Salary Advance Application Form are required with Non-withdrawable Deposits, Salary, Savings and Guarantors as security It is processed within 4 hours. The Pension Advance demands that the beneficiary’s pension must be flowing through FOSA. It has a maximum Repayment Period of 1 Month. Latest Payslip Duly filled and signed Salary Advance Application Form are required. The security entails; Non-withdrawable Deposits, Pension, Savings and Guarantors. It is processed within 4 hours. Fixed Deposit Advance is available in FOSA and is processed within 4 Hours. Fixing Deposits qualifies one for access. It is recovered upon maturity of FDR. Duly filled and signed FDR Advance Application Form are pre-requisites. Non-withdrawable Deposits, Salary, Savings, FDR Savings and Guarantors are the security.
Loan Advance is awarded subject to approval of the loan applied for. The same is processed within 4 Hours and recovered upon disbursement of the loan applied. Requirements and security are similar to the former advance scheme.
The IG SACCO Savings Products are; Nyota Ndogo Account. Nyota Ndogo is a savings account for parents to save for their children to encourage a saving culture in them. A minimum Monthly Saving of Kshs. 300.00 is mandatory. The Product attracts competitive Interest rates on a minimum savings of Kes.5000 paid annually. Children under 18 years, certified copy of Birth certificates and colored passport size photo of the child and parent are required. Withdrawals can be done provided a 14 Day Notice is officially given. Holiday Savers Account is available to customers who wish to develop a savings culture and wish to go for holiday or to plan for future events. A minimum of Kshs. 1000.00 is required. It has a competitive Interest rate on a minimum savings of Kshs. 20, 000.00 payable annually. A beneficiary of the same must however be a member of IG SACCO.
Akiba Savings is a savings account for members who wish to save for retirement or other projects. The scheme requires a minimum monthly savings of Kshs. 100.00 with payment effected through standing order or cash. The Account matures on retirement / termination / resignation / death. The savings earn an attractive interest rate. The amount saved can be used as security to get an Akiba loan.
The U-Turn of the Noble Economic Recourse
The teaching fraternity of Western Kenya and notably Kakamega Region had seen hope at the inception of KATECO in 1977 when the outfit was registered to become a Cooperative Society. The Cooperative had 115 Members at the onset. The Cooperative licensed by SASRA under the SACCOs Act in 2012 transformed to become INVEST TO GROW SACCO LIMITED in the year 2015. The SACCO currently commands a membership of 35,000 investors whose hope is to enhance their livelihoods through the designated products.
It is sad to note that a clique of persons donned managers and administrators of the SACCO have stood out with their bare knuckles to cripple the IG SACCO. The Chairperson Mr. Kennedy Keya together with his mandarins; Mr. David Okwemba the Hon. Secretary, Mr. Peter Vuhya the Chief Executive Officer, Mr. David Moiya the Treasurer, Mrs. Mary Awino the Finance Manager together with Mr. Bosco Munzatsi the ICT Manager and accomplices; Mr. Sammy Chahayo, Pius Mola and James Atemba have pushed their long hands into the now ailing INVEST TO GROW SACCO. The claim is manifest in the massive wealth acquired by each.
The Chairperson Mr. Kennedy Keya commands remarkable affluence. He is the owner of; Hospital View Estate in Kakamega Town, Various Rental Buildings in Vihiga and Kisumu City with 4 magnificent storey buildings in Kakamega Town. He bought 100 Acre-piece of land in Turbo area- Lugari at once.
The Chief Executive Officer Mr. Peter Vuhya owns vast but valuable estates in Eldoret Town, a storey building in the heart of Bungoma County and expansive land in the same county with an expensive rental houses in Busia and Kakamega Towns respectively. He has a 5 Acre land with trees growing on it. Mr. Vuhya has amassed enough fiscal capacity from the SACCO that is now enticing him to salivate for an elective position of Member of National Assembly- Hamisi Constituency currently under Hon. Gimosi. He is now on demand in places of worship, institutions and community groups as he plashes a minimum of Kshs. 30,000.00 in a single event.
The Treasurer- Mr. David Moyia has 12 tractors with the state of the art personal cars and Public Service Vehicles that ply the Western Kenya Roads and beyond. One of his private residences is decorated with a value-worth storey building with unique furnishes. He has constructed palatial Rental Buildings in Webuye, Kakamega, Bungoma and Busia Towns with 150 Acres of land in the expensive Kitale Settlement Scheme in Trans-Nzoia County and 100 Acres in the rural Lurambi Area in Kakamega County.
Mrs. Mary Awino- the SACCO Finance Manager is endowed with wealth beyond her employment class. The Finance Manger controls various investments. She has 2 Storey Buildings in Kakamega Town along the busy Kakamega-Mumias-Busia-Uganda Highway. She also has a big rental centre with several apartments. A Rental Building worth Kshs. 50M stands strategically at her Ejinja Corner parcel of land along the same highway. A unique and quality storey building stands in Bungoma Town in her ownership. She has 15 classic Public Service Vehicles plying Mumias-Kisumu Road with 2 state of the art private vehicles that serve her on errands.
Kenneth Tirrah the SACCO Audit Manager owns several business premises in Kakamega Town and outskirts dealing in hospitality industry thus; Bars and Restaurants. He too runs Stationery Supplies Firms that trade directly with INVEST TO GROW SACCO. He has several tractors acquired under questionable circumstances. Among the many storey buildings he owns in Kakamega Town, he has several others currently under construction. He is a landlord of expansive pieces of land in Kitale Settlement Scheme among the other unaccounted for property.
The SACCO Vive Chairman Mr. Francis Omollo invested Kshs. 25M in academic parallel programs in 1 year. He bought 50 Acres in Cherengany and transformed his one time simple home into a glittering paradise.
All these acquisitions stand to be queried as the owners named and detailed herein are Primary School Teachers whose Basic Salary Packages are in the records of Teachers Service Commission. Through fraudulent means, the estranged clique of managers and administrators are individually committed to swindling SACCO resources to enrich themselves mindless of the members who have entrusted their revenues with the very SACCO.
The habitual grabbing that has bedeviled the one time noble SACCO, led the clique into adulterating the Sinking Fund. The Sinking Fund takes care of loans defaulted due to natural attrition or other natural/ artificial but notable circumstances. The employment of relatives to post them in strategic positions in the Finance Departments between 2016-2019 ailed and still ails INVEST TO GROW SACCO. The Chairman employed a Cousin; the Treasurer hired a Nephew as the Hon. Secretary ensured his own son was employed to serve in the respective Department. The relatives were put on the SACCO Payroll to draw huge salaries and allowances which ended up in the pockets of their masters as they solely accessed peanuts. Teachers who cooperated with the fraudulent clique were guided to allow monies getting stashed on their personal dormant accounts they use to access credit facilities. The money was stashed by relatives hired by the dishonest Managers and Administrators. David Moyia’s Nephew known as Ernest Esingole was charged with the irregular responsibility of moving monies from the SACCO through loans. David Okwemba’s son called Jackton Toko an Assistant Accountant did the same. An Accountant called Sammy Chahayo collected money from teachers in Lurambi using dubious reasons to stash the same in teachers’ dormant accounts to benefit the corrupt management and administration. A former Assistant Auditor called John Oyugu was doing the same illegal work in Vihiga before being fired.
The money was then withdrawn by the very teachers to give the bigger chunk of it to the uncouth managers and administrators; leaving them (the teachers) with mere tokens of appreciation for patronizing the illegal routine acts of the syndicate. Unfortunately, the very teachers ended up suffering forfeiture of their shares with other deductions to service the loans the heartless clique had enjoyed the same to scale up investment in physical assets.
The clique has continually but illegally traded with the SACCO using proxies with registered companies who earn tokens from the dirty deals. An ICT Employee called Bosco Munzatsi was used by some Board Members and Senior Administrators to facilitate irregular procurement procedures and fraudulent transactions at the SACCO. They own the better fraction of Kakamega and Bungoma Towns where they have invested heavily in real estate.
Some Members of the County Assembly (MCAs) were advanced huge loans with intention of the Management and Administration getting huge tokens from the same with promises of writing off part of the loans when defaulted. Some staff members joined the dirty art and practice and started using names of MCAs to access the credit facilities thence defrauding the SACCO. Some Annual Reports with figures like Kshs. 30M advanced to MCAs and not repaid call for probing and prosecution. Some Staff Members and Board Members are currently owing to the SACCO huge illegal loans.
Some External Auditors are compromised to keep blind eyes on the records of the SACCO as they too benefit from the illegal practice. Reports that reached the Regional EACC officers were thwarted as the management and Administration acted first to buy their silence on the matter.
The Clique has shockingly paid themselves allowances to the tune of Kshs. 100,000 per month over services that can least be accounted for. This has been done in full light, knowledge and nod of SASRA as some officers in the public system access tokens from the brutal Clique.
Funny scenarios have characterized the running of the one time robust and popular SACCO. The Treasurer-Mr. David Moyia’s sudden change of lifestyle raises eyebrows. He married a second wife at the expense of the SACCO calls for prosecution. He drew SACCO resources to buy the wife I Acre of land at Kshs. 2M in the heart of Kakamega Town despite the current high rates of acquiring parcels of land in the CBD of the respective County. He acquired a brand new Lexus car with him buying 2 of the same make. He put up for her a 5-Bedroomed Mansion, treated with standard interior and exterior designs with furnishes of colossal costing. An electric fence secures the palatial home. He got her a 10-Cow Dairy Unit put in place and a 500-Exotic Chicken Poultry Unit established. She enjoys high-class security services of a renowned security company –G4S that provides sniffer dogs, trained guards and alarms with CCTV connectivity.
The aggregate property held by this clique is approximately Kshs. 1.5B. A lifestyle audit of the named Officers if conducted shall salvage the future of IG SACCO whose initial goals and objects purposed to enhance livelihoods of the SACCO Members, their dependants and the local community populace. It is imperative that the Head Office of EACC intervenes in this matter to bring to book perpetrators of such a high-level corruption.
Word has it that some Regional EACC Officials have been compromised with huge sums of money to sustain silence over the ongoing vice of corruption.
This will help rebuild sanity in the institution and also act as a benchmark for other SACCOs where colossal sums of money of innocent Kenyan Citizens has ended up in the coffers of individuals who believe and imagine that they are immune from the arm of the Law of the land.
IG SACCO MANAGEMENT & STAFF
BOARD OF DIRECTORS
1.KENNEDY KEYA, CHAIRMAN
2.FRANCIS OMOLO, V/CHAIRMAN
3. DAVID OKWEMBA, HONORARY SECRETARY
4. DAVID MOYIA, TREASURER
5. MRS. LUDWINA MUDAKI, DIRECTOR
6. TOBIAS O. ORIEDO, DIRECTOR
7. JUMA S. SHIKOKOTI, DIRECTOR
8. JUSTUS I. WABUKO, DIRECTOR
9. RICHARD SHILARO, DIRECTOR
SUPERVISORY COMMITTEE MEMBERS
10. JUSTINE O. MUTANYI, CHAIRMAN – SUPERVISORY COMMITTEE
11. JOHNSTONE ASENJI, SECRETARY – SUPERVISORY COMMITTEE
12. RODGERS ALAKONYA, MEMBER OF SUPERVISORY COMMITTEE
- PETER A. VUHYAH, CHIEF EXECUTIVE OFFICER
- KENNETH O. TIRRAH, AUDIT MANAGER
- MARY K. AWINO, FINANCE MANAGER
- BOSCO MUNZATSI, ICT MANAGER
- ALICE N. WETOLA, ADMINISTRATIVE OFFICER
- KEVIN OMBUGE, MARKETING AND PR MANAGER
- ESTHER MADISI, HUMAN RESOURCE OFFICER
- DAN EGESA, BRANCH SUPERVISOR
- FIDELIS VODOTI, SAVINGS MANAGER
- CALVIN OMUTOKO, BRANCH SUPERVISOR – LUMAKANDA
- WINFRED SHIRAHO, FOSA SUPERVISOR
- PIUS K. MOLA, CREDIT OFFICER
- DORCAS KHAMALA, BRANCH SUPERVISOR – MBALE
- EDWIN SHIKOCHI SHIHANDE, SYSTEMS ADMININISTRATOR
- JOSEPH CHURCHILL, CREDIT OFFICER – RECOVERIES
- HELLEN MUYALE, SECRETARY
- EMMA LUNYOLO WASWA, CREDIT MANAGER
- CHARLES MADEGWA, CREDIT OFFICER – LOANS
- SIMON MUKAMBI, BRANCH SUPERVISOR – MUMIAS
- CALVIN ODONGO JUMA, ACCOUNTANT
- MERCY VOSEVWA, TELLER
- PATRICK M. CHILAINI, DRIVER
- ZUHURA MIRIAM, MARKETING & PR OFFICER
- MERCY IMINZA MASHAI, BRANCH SUPERVISOR
- SAMUEL MUHANJI ALELA, ACCOUNTS ASSISTANT
- ERIC INYANGALA, REGISTRY SUPERINTENDANT
- SALOME NAFULA JUMA
- AUDIT ASSISTANT
- PAULINE MAKEBA ODENYO, CASHIER
- AYIEMBA RACHEL BETTY, TELLER
- LILIAN IKHUMBA MUKUSA, ACCOUNTS ASSISTANT
- DONNATHER SHILWATSO, RECEPTIONIST
- DICKSON OSORE WALIARO