CS: SACCO heads to be censured

CS: SACCO heads to be censured

Managers of cooperative societies who misuse members’ deposits will face the law, Interior Cabinet Secretary Fred Matiang’i has said. Dr Matiang’i’s warning comes on the back of recent claims of misappropriation of members’ savings at the troubled Ekeza SACCO. According to Matiang’i, SACCOs hold Sh230 billion in deposits, and have to be regulated properly so as to safeguard this money.
The Interior CS, who was speaking during a delegates meeting for Police SACCO, said the societies are prone to corruption just like government institutions are.
Safeguard deposits
“The President is serious about the fight against corruption. Whereas graft is deeply entrenched in State agencies, SACCOs are not immune to it,” Matiang’i said.
Matiang’i lauded the Police SACCO for helping its members get loans to purchase houses, an effort he said was a big boost for President Uhuru Kenyatta’s affordable housing plan.
According to the CS, Police SACCO has disbursed Sh24 billion so far as loans to its members. Most of it has gone into purchasing land and houses.
During the meeting, the SACCO approved a Sh220 million dividend to its members.
Matiang’i urged members to plough back half of that money into the SACCO so that it can be invested. He also told Police SACCO managers to keep offering cheap credit to members.
The SACCO leadership was represented by its chairman David Mategwa. Inspector General General of Police Joseph Boinnet lauded the SACCO for embracing ICT in its work.

Source: https://www.standardmedia.co.ke/article/2001315720/rogue-SACCOs-next-target-of-anti-graft-purge


ISO 9001


We commit to consistently promote SACCOs through advocacy and provision of quality technical and financial products that exceed the members’ expectations.
We shall comply with the statutory requirements and actively pursue continuous improvement of the ISO 9001:2015 Quality Management System (QMS) processes, capabilities and effectiveness.
In pursuit of our commitment we shall ensure that the quality policy and objectives that have been established and communicated to the Union employees shall be reviewed annually in accordance with the stipulated framework and quality standards.”