NAIROBI, Kenya, Mar 6 – Strict measures will now be taken against those who misuse Sacco resources, Interior Cabinet Secretary Fred Matiangi has warned.
Speaking during the Annual General Meeting for Kenya Police Sacco on Wednesday, Matiangi cited the recent incident where thousands of members lost over Sh2 billion at the Ekeza Sacco, committing that his ministry and that of Trade and Cooperatives will not allow members’ savings to be used by selfish individuals.
Ekeza Sacco Chairman David Kariuki Ngare alias Gakuyo is reported to have allegedly embezzled members’ funds.
Matiangi said rogue officials will be prosecuted after the conclusion of investigations being carried out by the Director of Criminal Investigations.
“One way we are going to support the Cooperative movement in the country is that we are going to do everything it will take to punish and bring to book those who misuse Sacco resources. We will go after these people because its very painful for people to save for several years and that time someone is enjoying your hard earned income,” said Matiangi.
He further urged more officers to join Saccos and save, saying when one is financially stable chances of committing petty crimes are low.
“Let us encourage our fellow police officers and everyone else who is able to belong to a Sacco because if our membership is 63,000 and we have in the force over 100,000 officers this clearly shows that close to 40 per cent of our members are not in a Sacco and the reason I’m encouraging this is because there is a direct correlation between financially stable workers, their confidence, their morale and the service they will give,” he said.
The Inspector General of Police Joseph Boinnet urged the Sacco officials to invest in IT security so as to be adequately prepared to counter the increasing cases of cyber-crimes which may lead to loss of members’ money.
“I want to urge the Sacco to invest in IT security so as to safeguard members’ savings from such criminals,” said Boinnet.
The Chairman of the Kenya Police Sacco David Matengwa said Sacco’s overall asset base grew by 19.4 per cent to stand at Sh28.9 billion compared to Sh24.2 billion in 2017.
Deposits grew by 16.4 per cent to stand at Sh17 billion compared to Sh14.6 billion in 2017 while loans and advances grew to Sh24 billion from Sh20 billion in 2017.