Over the past few weeks, this site has taken upon itself to expose the rot in the Sacco sector in Kenya.
Last week we highlighted the story of a retired member who has not received his full savings from the National Hospital Insurance Fund (NHIF) Savings And Credit Co-Operative (Sacco).
Saccos in Kenya are regulated by the Sacco Societies Regulatory Authority (SASRA).
SASRA CEO John Mwaka has also been exposed as a corrupt person together with the Commissioner for Cooperative Development Ms. Mary Mungai.
Media reports indicate that the once flourishing and trustworthy sector is now in the hands of cartel.
Large parts of member savings that amount up to over Kshs. 1 trillion is in danger of being stolen or misappropriated.
We have continued to cover the mismanagement of the Sacco sector in Kenya because we believe that all other avenues of resolution had been exhausted and that the people that send us information seek to have better governance, management and transparency.
We don’t seek to collapse of target anyone just for fun. But we seek to condemn bad behaviour and get change so that our country can be better.
Last week, we showcased the story of the National Hospital Insurance Fund (NHIF) Sacco where a former member’s saving has been delayed for over 2 years, yet one is supposed to be paid within 60 days of pulling out of the Sacco.
We received another complain of the same calibre and now believe that the Sacco might be going through a cash crunch. A financial crisis brought about by mismanagement, looting and outright corruption.
Read the information below:
Hi Nyakundi,
I read your story on the NHIF Sacco, in fact the Sacco is a failed Sacco and should be deregistered immediately before they go under with members savings.
When you follow your shares refund after you've left the Sacco, the Sacco Manager the so called Sophy Otiu, a spent force, will reply with several unpromising letters.
She should be arrested and investigated together with the Sacco officials for mismanagement of the Sacco funds.
Am a concerned ex-NHIF Sacco member who also happens to be following his savings in vain. Appeal for information Do you have any information about NHIF Management led by Ms. Sophy Otiu? Send it to us [Please also include her number, we would like to confirm something. Let's make Kenya great. Thank you.
ALSO READ: NHIF Sacco Accused Of Non-Payment Of Shares To Retired Member