Government To Establish Unit To Rid Sacco Of Fraud

According to the Industry and Cooperatives Cabinet Secretary Peter Munya, the government will soon establish a Criminal Investigations Department Unit within the Sacco Societies Regulatory Authority.The unit is essential for helping to curb the issue of mishandling of members funds and corruption.

Speaking during a cooperative movement stakeholders’ validation of the Cooperatives Policy of Kenya, Munya said, among other undertakings the government has embarked on, include the formation of a Criminal Investigations unit and reviewing of the regulations governing the Sacco Societies Regulatory Authority.

Munya says the government will reinforce the recommendation therein the draft policy to address key issues of concern such as poor governance, and non-remittance of members funds by employers.

The policy also seeks to harshly deal with saccos that veer off their core mandate by tailoring members’ savings for other purposes or investments.

The Cooperatives Alliance of Kenya’s chairman, Daniel Marube, says the policy, which currently has a broader consensus, will help the movement achieve its objectives at the county level while helping in expanding employment opportunities even for the youth.

The Cooperatives Policy is expected to be submitted to cabinet for further processing before it is enacted in the new constitution of Kenya.

The government and cooperatives stakeholders are optimistic that once enacted, it will go a long way in improving the country’s economy.