Audit Saccos to weed out fraudsters

Just how many Savings and Co-operative Credit Society (Saccos) are out there is one question the government ought to have a clear answer on. How many are collecting money from unsuspecting Kenyans including using online platforms to lure contributions with a promise to lend even larger sums under the Sacco model?

How many are collecting money and promising members they will earn homes, buy land and even grow to become a bank? The government’s laissez-faireattitude towards Saccos has to change because we are talking billions of shillings at stake. Last year the Central Bank of Kenya warned lenders and other financial institutions against opening accounts for dubious pyramid scheme businesses operating as saccos.