Afya Co-operative Savings and Credit Society Limited has convened a Virtual Delegates Meeting on September 22, 2025, as pressure mounts over a KSh550 million scandal that has rocked the country’s 60 year-old Sacco.
The meeting notice, signed by Honorary Secretary A. Maweu, outlines a tense agenda that includes adopting financial statements, approving the 2026 budget, and, notably, the appointment of a forensic auditor following damning revelations by the Sacco Societies Regulatory Authority (SASRA).
In October 2024, SASRA uncovered massive breaches of the Sacco Societies Act, including unaccounted withdrawals of KSh90 million from the back office (BOSA), KSh100 million from the front office (FOSA), and KSh360.51 million paid in undocumented cash transactions between 2022 and 2024.
Board members were also found to have pocketed excessive allowances, which ballooned from KSh5.3 million in 2022 to KSh13.9 million in 2023, sparking anger among members. SASRA has since placed Afya Sacco under strict supervision, ordered the recovery of irregular payments, and demanded a full accounting of the missing KSh360.51 million.
ALSO READ;
Matatu Saccos not collecting revenue for county, says Machakos Finance Executive
The crisis deepened in May 2025 when the board wrote off KSh361.6 million in losses tied to the failed Kenya Union of Savings and Credit Co-operatives (KUSCCO) investment, worsening Afya Sacco’s financial woes.
The September delegates’ meeting is expected to be stormy, with members demanding answers on loan delays, frozen withdrawals, and governance failures. The appointment of a forensic auditor is seen as a critical step in restoring accountability and member trust.
SASRA has warned that failure to recover funds and implement reforms could expose Afya Sacco to further regulatory sanctions, including possible takeover.
By Mercy Kokwon
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!
