Mombasa, Kenya – The Kenya Union of Savings and Credit Co-operative (KUSCCO) is back on its feet, according to revelations at the 10th Annual Leaders’ Summit held in Mombasa.
KUSCCO chairman, who doubles up as the Kenya National Police DT Sacco (KNPDTS) National Chairman, David Mategwa, revealed that the Sacco umbrella body has started refunding money to SACCOs.
Mategwa took the helm of leadership at KUSCCO after the former board defrauded SACCOs about KSh 13 billion, according to the forensic report released by the government through the Price Waterhouse Coopers (PwC).
How much has KUSCCO paid SACCOs?
According to Mategwa, KUSCCO has begun refunding SACCOs, releasing KSh 132 million in the year 2024 and KSh 152.2 million in the year 2025.
“We are doing the recovery of the money. Where SACCOs have defaulted, we are taking the due process of recovering the money through a property auction. We began the auction process, and the money that we have received, we disbursed to SACCOs,” said Mategwa at the sideline of the summit.
Cabinet Secretary (CS) for Co-operatives and MSME Development Wycliffe Oparanya said the government is committed to protecting SACCO members funds, coming up with initiatives and institutions for oversight.
“We must strengthen oversight institutions like SASRA, which provides an oversight role within the Sacco subsector. Secondly, we must protect members’ savings against embezzlement. This is why we have come up with the deposit protection fund,” said Oparanya.
Oparanya noted that another KSh 112 million is scheduled to be disbursed to SACCOs this week, from the umbrella body.
Speaking during the opening ceremony for the summit on Monday, December 8, Acting Managing Director for KUSCCO Arnold Munene said the union has developed a certification programme to enhance ethical leadership and governance.
“We have come up with a certification programme to support our country so that we can have the foundations of ethical leadership and governance within our sector.” said Munene.
What to know about KUSCCO 10th Annual Leaders Summit
CS Oparanya officially launched the summit, joined by the Principal Secretary, Hon Patrick Kilemi, the Commissioner for Cooperatives, Mr.Obonyo, KUSCCO leadership led by the Chairman, Mr David Mategwa, a GMD, Mr Arnold Munene.
From the Handing over of the Committee of Experts’ Report by the Chairperson, Ms Marlene Shiels, to insightful engagements on strategy, resilience, and innovation, the first day reaffirmed KUSCCO’s commitment to empowering SACCOs for tomorrow.
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