Members queue at Metropolitan Sacco along Koinange Street, Nairobi on April 19, 2022. [Denish Ochieng, Standard
Despite the government's efforts to promote the Sacco movement as a key driver in boosting Kenyans' savings culture, recent controversies at the Kenya Police Sacco and National Metropolitan Sacco have raised concerns about the effectiveness of the Sacco Societies Regulatory Authority (Sasra) in overseeing the sector.
A special audit at the National Metropolitan Sacco that began in April 2022 revealed a Sh15 billion scandal involving previous and current managers as well as former board members.
The audit found that the money was siphoned through an intricate web that saw bogus members loaned Sh7 billion to the detriment of genuine ones between 2021 and 2023.
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