Fake news affects growth of Saccos

As the era of fake news continues to unfold, Saccos have found themselves in precarious positions. In various social media platforms, some members have perfected the art of posting false alarms warning their counterparts of possible collapse of certain societies and urge them to withdraw their savings.

This trend has been very costly within the movement. Once the fears are triggered, the affected institutions get flat-footed and with members moving in droves in a panic withdrawal mode, the embattled Saccos are left bleeding. Others will be left badly-needing a rescue package to keep their operations running. Others, sink immediately and quickly liquidated. This is sad.

Saccos will need to quickly address this issue. The first step will be for these organizations to establish strong and proactive Public Relations Departments which would respond to such wild allegations and arrest the situation in time. Their job is to reassure their members that their money is safe.  The societies should be smart enough to stop the panic withdrawals in time before their coffers are depleted.

Millicent Njue, Embu

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