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SACCO INDUSTRY WATCH
WHY SACCO AMENDMENTS HAVE CAUSED
UNREST IN THE INDUSTRY
By Nicholas Maina
Co-operative Alliance of Kenya CEO Mr Daniel Marube. KUSCCO Managing Director George Ototo
“These proposed amendments, to say Unrest has gripped the multi-billion Co-operative
the least, have the intent to sneak movement as Parliament seeks to amend the
current legislations governing the subsector.
strangers into the room, who not only
come to scavenge on the goodwill Co-operative leaders are alarmed that the
and institutional set-up of SACCO new changes being fast tracked could see societies turned
Societies, but also to attack and into an avenue to clean dirty money by cartels and looters
wreck the foundation upon which of Government resources if a new bill sails through in
parliament. Various industry leaders claim that SACCOs are
SACCOs are build and thus frustrate likely to be used as channels to undertake money laundering
the saving culture in the country,” and other economic crimes which in the long run will affect
said Mr Marube. the saving culture of cooperators.
12| SACCO Star Magazine
