East Africa

SACCO members, officials face off over savings

NAIROBI-It took the intervention of the police to calm the ugly situation as Members of B -Smart Sacco Limited in Nairobi City stormed the offices of the Sacco days ago, demanding that officials refund their savings.

The shareholders said the Sacco officials have failed to give them loans for two years now but also blocked them from accessing their savings.

According to Sacco Review, the Sacco members who are mostly traders in Gikomba market in Nairobi stormed the Sacco headquarters in Nairobi accusing officials of poor service delivery.

Leah Wangechi who joined the Sacco six years ago had deposited over Ksh 1.4 million in savings
said she cannot withdraw her savings and had not been given a loan she applied for almost one

She said the Sacco’s managers have been giving excuses that the chief executive officer has not yet signed the
loan application forms.

Another member Mary Njoki, said she has not been able to withdraw her savings, and the Sacco
has failed to solve members’ financial needs.

David Kinyua who is an employee of the Sacco confirmed that some members have applied to be
refunded their cash and they will receive their savings in three months’ time.

He said the Sacco was not able to process their loans since it was hard hit by Covid-19 and also
the 2022 general elections. It will refund back their money and we will give them loans.

The officer said the Sacco has issues with only a few members who have applied to be refunded their savings.

The Sacco CEO locked herself in her office after the members raided the Sacco banking hall. She was later rescued by police and the matter was reported at the nearby Kamukunji police station.


SOURCE: Sacco Review

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