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State warns on Sacco fraud as Kuscco marks 50 years

State warns on Sacco fraud as Kuscco marks 50 years

The government has sent a stern warning to officials engaging in fraud within the cooperative movement.

Co-operatives Cabinet Secretary (CS) Simon Chelagui said the government will take stringent measures against fraudsters within the sector.

“We will protect the sector and the interest of members against rogue characters, either individuals, managers, or management boards,” he said.

The CS said the State will empower the asset recovery unit to go after anyone out to defraud Kenyans using the Sacco spirit that Kenya has established over the years.

He was speaking in Nairobi during the 50 years anniversary celebrations of the Kenya Union of Savings and Credit Co-operatives (Kuscco)

In 2019, the Ministry of Trade under which the co-operatives sector operated conducted an inspection that brought to light the sad state of cooperative societies.

Notably, Machakos and Mombasa counties were marked as having more collapsed institutions than thriving ones, while roughly half of the 1,150 Saccos registered in Mombasa, Kwale, Tana River, Kilifi, and Taita Taveta had closed shop.

https://www.standardmedia.co.ke/business/business/article/2001473373/state-warns-on-sacco-fraud-as-kuscco-marks-50-years

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