Around 2016, Saccos were thought to be one of the key breakthroughs in Kenya’s future financial sector.
This is because. The idea behind Sacco origin was not only great but Kenyan oriented which understood well the common Kenyan investors who earned just enough for their stomach.
But four years later, things are very different.
This is because, Saccos changed to an illusion where figures are cooked to blackmail potential investors that their was quick growth.
Again, Kenyan Saccos were hugely affected by corruption and miss management of funds where top officials could make away with millions without being held accountable
Ekeza Sacco
The Sacco’s top ranked official Bishop Gakuyo aka David Kariuki Ngare is being held by police for loss of over 1.5 billion shillings from atleast 60,000 Kenyan investors.
On 18th March 2019, angry members blocked a section of Kiambu road demanding their money.
However they were dispersed by police who assured them justice will be served and their monies returned
Gakuyo Real Estate
Another investment crisis not to fall to is Gakuyo Real Estate which claims to be independent from Ekeza Sacco but all under the controversial televangelist David Kariuki Ngare
In 2017, Ngare was accused of defrauding land investors in hope of giving them house units on pieces of land at cheaper costs.
In a national TV expose, Ngare was accused of swindling the money and decided to take the investors into rounds that could not be predicted.
Most of his victims were his church members
Imarisha Sacco
Kenyan blogger Nyakundi exposed Kericho based Sacco as key tool for defrauding, money laundering and conning innocent Kenyan investors
Through his expose, he claimed that the sacco was obtaining money through suspicious means and had no guarantee of the investment saved by its low earning members
Urithi Housing Cooperative Society
Customers of Urithi claimed that the society was holding back onto failed projects and fake promises to members who were tired on waiting.
Urithi was forced to advise its members that the online romours were fake, only to lay themselves in more traps of troubles
Black listed Saccos
According to the regulatory body, the accused Saccos were collecting money “from the public with false promises of favourable returns on savings and or deposit accounts.”
Public was warned to only do business with the blacklisted Saccos at their own peril
- Good Life Sacco Society
- Fedha Micro-Finance Investment Ltd,
- Prevailing Sacco Society Ltd,
- New Milimani Sacco Society Ltd,
- Millionaire Sacco Kenya
- Urithi Premier and related Urithi Housing Co-operative Society Ltd.
