DCI to establish unit to rid Sacco of fraud

The government will soon establish a Criminal Investigations Department Unit within the Sacco Societies Regulatory Authority.

According to the Industry and Cooperatives Cabinet Secretary Peter Munya, the unit is necessary for the Sacco societies in helping to curb the issue of mishandling of members funds and corruption.

The cooperative movement in Kenya in the recent past has turned out to be an integral part of the country’s development agenda.

The movement commands a total of up to 630 billion shillings and 860 billion worth of assets annually.

The government recognizes the movement as an economic growth enabler and has undertaken to iron a spectrum of issues bedeviling the cooperative movement.

Speaking during a cooperative movement stakeholders’ validation of the Cooperatives Policy of Kenya, Munya said, among other undertakings the government has embarked on, include the formation of a Criminal Investigations unit and reviewing of the regulations governing the Sacco Societies Regulatory Authority.

Munya says the government will reinforce the recommendation therein the draft policy to address key issues of concern such as poor governance, and non-remittance of members funds by employers.

The policy also seeks to harshly deal with saccos that veer off their core mandate by tailoring members’ savings for other purposes or investments.

The Cooperatives Alliance of Kenya’s chairman, Daniel Marube, says the policy, which currently has a broader consensus, will help the movement achieve its objectives at the county level while helping in expanding employment opportunities even for the youth.

The Cooperatives Policy is expected to be submitted to cabinet for further processing before it is enacted in the new constitution of Kenya.

The government and cooperatives stakeholders are optimistic that once enacted, it will go a long way in improving the country’s economy.

  

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