On February 4th 2021 Kenya’s Business Newspaper the Business daily published a story on the operationalization of the SACCO Fraud Investigation Unit. Sacco Societies Regulatory Authority (SASRA) and the Directorate of Criminal Investigations have formed the unit to curb the number of fraud and embezzlement cases in Kenyan SACCOs.
At Kwara we believe that this is an important development that will ultimately strengthen the SACCO sector. We are optimistic that as a result we will see more positive stories of how SACCO investments changed lives, rather than the headlines about missing funds.
SACCOs are critical players in our financial ecosystem. They have been central to both societal and individual development for many years. We at Kwara have heard countless stories of the individuals who improved their salary, provided education to their relatives and built houses, all because of SACCO services. Increased regulation on the management of SACCO funds will mean that more of these stories become every person’s reality.