Matiang'i issues warning to saccos

You have been warned

Interior Cabinet Secretary Dr Fred Matiang'i

Interior CS Fred Matiang’i on Wednesday warned saccos that measures would be taken against them with the help of the Inspector General of Police Joseph Boinnet and the DCI.

Matiang’i, who spoke during the Kenya Police Sacco, stated that his ministry would not tolerate the behavior of the rogue saccos that frustrated Kenyans through stealing their money.

“We are going to do everything it will take to punish and bring to book those who misuse sacco resources,” remarked Matiang’i

The CS during the function, congratulated the leaders of the police saving and credit company over the good job they had done.

The tough talking Matiang’i noted that it would have been an embarrassment if a man hunt was ordered for rogue sacco owners yet the one ran by police officers was at fault as the others.

“Let me tell you how embarrassing it would be for us to be going after those who are steal other people’s money when we can’t manage our own wealth in the sacco,” explained the Interior CS.

Five saccos blacklisted

In 2015, Saccos Societies Regulatory Authority through the chief executive, Mr John Mwaka, had blacklisted five savings and credit companies over taking deposits from Kenyans as they had not been registered to do so.

The saccos included: Good Life Sacco Society, Prevailing Sacco Society Ltd, New Milimani Sacco Society Ltd, Millionaire Sacco Kenya and Urithi Premier Sacco.

Some of the companies were claimed to buy land and sub-divide it in plots for members.

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