The SACCO societies Regulatory Authority (SASRA) has released a list of five Savings and Credit Cooperative Societies which are swindling money from unsuspecting Kenyans.
The body which is mandated to regulate and oversee operations of SACCOs in Kenya carried out notices in print media warning Kenyans against transacting any business with the said SACCOs.
“Members of the public are therefore requested and advised to desist from undertaking or transacting deposit-taking Sacco business (FOSA) with any person, institution or entity unless the person, institution or entity is licensed by the Authority as a deposit-taking Sacco Society, and to report any such person, institution or entity to the Authority or the nearest police station for appropriate action”, Reads a statement from SASRA
The body further vowed to take action on the blacklisted SACCOs and de-register those found swindling money from Kenyans to prevent such cases in future.
The following are the SACCOs blacklisted by SASRA.
1. New Milimani Sacco Society
2. Good Life Sacco Society Ltd/Fedha Micro-Finance Investment Ltd
3. Millionaire Sacco Ltd
4. Prevailing Sacco Society
5. Urithi Premier Sacco/Urithi Housing Cooperative Society Ltd
Kenyans are advised to join SACCOs which have a good reputation; some of the most reliable SACCOs in Kenya include Harambee Sacco, Stima Sacco and Ushuru Sacco.
