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Why your Sacco struggles to refund your money

My Man
 The main reason for delayed settlement of claims for refund of savings and deposits of members within the prescribed time, is perennial liquidity challenge. [iStockphoto]

Like a marriage that has gone sour, and there are no more words filled with sweet nothings to persuade you to stay longer; so is akin to a the relationship between a disgruntled member and a savings and cooperative society when they want to quit.

It becomes a fight, similar to a bitter divorce where the sacco always appears to have more leverage over the member, despite there being a law on how such a separation should be done.

Often times members decry the frustration served at their saccos front office as never-ending back and forth requests and unfulfilled promises. This challenge has been noted in the latest sacco supervision annual report by the Sacco Societies Regulatory Authority (Sasra) for 2021.

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