Billions Vanish in Popular Sacco Scandal, Leaving 100,000 Kenyans in Financial Crisis

Billions Vanish in Popular Sacco Scandal, Leaving 100,000 Kenyans in Financial Crisis: Reports have emerged from Metropolitan National Sacco Society Limited that over 100,000 members have lost a total of Ksh15 billion in savings between 2021 and 2023.

According to The Sacco’s Acting chairperson, the former leadership led to this financial disaster, highlighting gross mismanagement and the failure to account for members’ savings.

In An audit conducted at the start of this year, Ksh12 billion was stolen or embezzled through a complex network involving past and present senior staff members, in collaboration with board directors.

Notably, In April 2022, a special audit team was appointed to scrutinize the Sacco’s operations, which uncovered unbelievable levels of theft and embezzlement.

For instance, Ksh49 million was illegally withdrawn by a teller at the Nakuru branch, which exposed one of loopholes in the Sacco’s financial controls, including Loaning out Ksh7 billion to fake members.

Additional irregularities included Ksh490 million in loans disbursed to Sacco employees under illegal circumstances, and Ksh176.9 million that disappeared from the Kisumu, Thika, and Kiambu branches.

ALSO READ: Ministry of Agriculture and Livestock Development Announces 2024 Job Opportunities; How To Apply

Billions Vanish in Popular Sacco Scandal, Leaving 100,000 Kenyans in Financial Crisis