State must crack whip on corrupt Sacco bosses

The pledge by the Government to crack the whip on corrupt Sacco managers could not have come at a more opportune time.

On Thursday, Co-operative Development and Marketing PS Seno Nyakenyanya, said the Government had put on notice corrupt and dishonest management boards of savings and credit co-operative societies (Saccos).

As the PS noted, corruption, dishonesty, and lack of integrity have been rife in many Saccos. The crucial role of the co-operative movement in social economic development cannot be ignored, given the huge membership and the amount of money Saccos handle.

There are over eight million co-operative members in 13,000 registered Saccos who have so far, according to the ministry, mobilised over Sh230 billion.

It is also worth noting that the United Nations General Assembly, as a clear affirmation, supports co-operatives. It declared 2012 as the International Year of Co-operatives.

Already, there is also a growing consensus among the international agencies about the importance of co-operatives.

Kenyans have entrusted Saccos with their hard-earned savings in the hope that they would in return get affordable credit. But many have been disappointed as some corrupt Sacco managers have embezzled money they hold in trust. Others have presided over the death of some societies. We welcome the pledge by Mr Nyakenyanya to act on corrupt Sacco bosses and urge him to ensure that such managers do not go unpunished.