A Savings and Credit Cooperative (SACCO) is a great way to save for many in the developing world. Attracted by the easy loans application and interest rates charged, many Kenyans have opted for Sacco other than bank loans.
However, since 2019, mismanagement of Sacco’s have come under sharp focus.
The board, managers have colluded to kill the once-thriving sector estimated to worth over Sh1 trillion.
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Here is a story of one such Sacco, privately owned (whatever that means) that has been eating the contributions of its members.
Africa Pooling Resources Together (APRT) is accused of deceiving people that it gives three-times ones saving, however, "that’s a lie”, says a member whose savings has not been refunded months after applying to leave the Sacco. Bounced checks APRT SACCO, which is owned by a former Meru member of Parliament, is also accused of issuing bounced cheques (Checks) when someone seeks to withdraw.
“When someone withdraws, it takes 90 working days excluding weekends and public holidays. It has also been giving us cheques that end up bouncing (when we try to cash them)”, he continues.
The disgruntled member continues, “I withdrew my money since last year November up to date, I haven’t received it. I can tell you my brother, this Sacco is only cheating its members. if you google it you will know it well”.
It looks like APRT is taking advantage of Kenyans love for easy money.
The source says, the Sacco closed its offices in town, blaming its woes on the Coronavirus pandemic,
“As we are speaking it closed down its offices in Town. At Cianda house 1st floor room 101 and 2nd floor room 204. They only remained with one office in Westlands Naivas Devan plaza 8th floor. They said that they were affected by the pandemic. How???”, the source wonders.
Members of the Sacco are now asking for help to be refunded their contributions. Media coverage In December 2019, KTN News exposed the sufferings of the members who saved with APRT Sacco.
Members who had contributed were dumbfounded when they tried to apply for a loan only to be taken round in circles.
It seems, in Kenya, where the cartel roam free, even from Justice after inflicting such serious crimes as financial crimes, such occurrences will continue, as most of this 'billionaires' know that you can buy a judge, or get a good lawyer, get the case run in court for years while you enjoy your illegally acquired billions.
Here is the KTN News