Interior Cabinet Secretary Dr. Fred Matiangi announced that arrests of Sacco officials involved in financial misconduct are imminent, following the completion of investigative probes into their activities.
The statement came during the Kenya Police Sacco Annual General Meeting, where Matiangi emphasized the critical role of cooperative societies in strengthening the nation's financial infrastructure. He called for stricter oversight of Sacco operations to prevent mismanagement that jeopardizes member savings.
Recent reports highlighted systemic issues within certain Sacco institutions, including leadership misconduct that threatened member deposits. Matiangi confirmed that legal action against directors and officials implicated in financial irregularities will proceed shortly.
He also encouraged Sacco organizations to participate in the government's privatization initiative, aiming to expand their service offerings and enhance asset growth. In 2018, the Kenya Police Service Sacco saw its asset base increase by 19.4% to 28.9 billion shillings, with 17 billion shillings in deposits recorded.
