Millions of Kenyans keep their salaries, school fees, business capital and retirement savings in SACCOs. Today, many of those members say they have one simple question.
Is our money still private?
As debate grows over government proposals touching on SACCO financial information, members say they are hearing more from social media than from the people legally responsible for protecting their interests.
That silence is now becoming a story of its own.
Customers are calling their SACCOs. Branch managers are receiving questions they cannot answer. WhatsApp groups are flooded with speculation. Rumours are spreading faster than official information.
Yet the institutions charged with protecting the cooperative sector have largely remained silent.
The first people members expect to hear from are the leaders of their own SACCOs. Every board chairperson and chief executive officer owes members an explanation. Members want to know whether their savings remain protected, whether any new reporting requirements will affect them and whether they will be consulted before any major changes are adopted.
Pressure is also mounting on Cabinet Secretary Wycliffe Oparanya, who heads the Ministry of Co operatives and MSME Development. His ministry is responsible for policy affecting Kenya's cooperative movement. Members are asking why there has been no clear public communication to calm fears spreading across the country.
The spotlight is equally on the Sacco Societies Regulatory Authority (SASRA). The regulator exists to protect SACCO members and maintain confidence in the sector. Its Chief Executive Officer David Sandagi and Board Chairman Jack Ranguma now face growing calls to explain what is changing, what is not changing and what protections remain in place for members' savings.
Many members say this is no longer about politics. It is about confidence.
The cooperative movement depends on trust. The moment members begin doubting whether their money is safe or whether they are being told the full story, panic can spread quickly.
Kenya has seen this before.
The collapse of financial institutions has shown how uncertainty alone can trigger long queues, rushed withdrawals and unnecessary losses. People do not wait for official statements when they fear for their savings. They act first and ask questions later.
That is why cooperative leaders are being urged to speak now.
Members want answers to basic questions.
Does your SACCO support the proposed measures?
Will members be consulted before any changes affecting them are adopted?
Is the liquidity of the SACCO secure?
Will loans, deposits or withdrawals be affected in any way?
What legal protections exist for members' financial information?
Until those questions are answered, many fear rumours will continue filling the gap left by official silence.
One concerned member who contacted this publication said:
Hello Nyakundi.
SACCOs must stop hiding and speak out immediately because their members are the ones panicking, asking questions and wondering whether their private savings are now being measured by the Treasury.
Every serious SACCO should tell members whether it supports government access to SACCO money, whether members will vote before any exposure, whether liquidity is safe and whether member loans will be affected.
This is not the time for silence because silence creates rumours. Rumours create fear. Fear can do more damage to SACCOs than any honest statement ever could.
This is urgent. Otherwise, angry members will start going to their SACCO branches demanding answers.
At this stage, there is no confirmed evidence that members' savings have been seized or that SACCO funds are being taken by the government.
The issue prompting concern is the need for clear communication about proposed changes and what they would mean in practice. The Ministry of Co-operatives, SASRA and individual SACCOs should wake up from being hungover