[SASRA ON THE SPOT] This Is Why SACCOs In Kenya Are Losing Money

Partners in Crime: John Mwaka, CEO SASRA (Left) & Ms. Mary Mungai, Commissioner for Cooperative Development

SASRA: Sacco Societies Regulatory Authority (SASRA).

SASRA is mandated to regulate and supervise Sacco societies. But they have failed in this mandate and have joined Sacco management and board to loot. The Kshs. 1 trillion sector is under threat of collapsing. Trust is at an all time low.

Read below what we were sent.

Hi Cyprian,

We saw your article on SASRA, about corruption, nepotism.

I work at SASRA, and all that was explained in that article is very very true.

There is so much tension right now because of the articles you have been publishing on fraud in Saccos. Many of us are suffering but we cannot speak openly.

Saccos buy their licenses, as long as they can bribe the CEO or the Commissioner of Cooperatives.

Supervision staff are bribed to write favorable reports, even if the Sacco inspected has issues. Staff employment and promotions are based on nepotism, and who is who.

The former CEO failed SASRA, the current CEO, Mr. John Mwaka has continued in the looting.

The current CEO had the backing of Mrs. Mary Mungai, the Commissioner of Cooperatives, and he is untouchable.

We cannot say anything against his leadership style.

The board is bribed with trips abroad, so they are just used to rubber stamp all the decisions made by the CEO and management, earning allowances and spending money while key functions at the organization are not done due to lack of funds.

ALSO READ: [EXPOSÉ] Corruption, Nepotism, Fraud At SASRA, KUSCCO & Department Of Cooperatives