Metropolitan Sacco will hold its 46th Annual General Meeting (AGM) today at Kiambu High School.
In a notice to members signed by its honorary secretary of the Sacco David Waweru Mwangi, the members will gather to adopt the annual reports and financial statements for the past two years and confirmation of the management and Supervisory Board members among other businesses of the day.
“Notice is hereby given that the 46th Annual General Meeting of Metropolitan Sacco will be held at Kiambu High School Hall, Kiambu on Friday on April 26, 2024,” the notice reads in part.
“….to transact the following business….confirmation of the management and Supervisory board members…consideration and adoption of the annual reports and financial statements for the years ended December 31, 2022 and December 31, 2023,” the report adds in part.
However, fireworks is expected ta the AGM following Teachers Service Commission (TSC) action of stopping remittances of the 11,000 teachers to the Sacco as a result of mismanagement.
Recently, through a letter dated April 4, and directed to clerk of senate, TSC released a list teachers whose remittances to Metropolitan Sacco had been stopped and those who are still active members of the Sacco.
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TSC CEO Dr Nancy Macharia, said that 11,310 teachers’ remittances were stopped while 2,401 teachers are still members of the Metropolitan as at March 31, 2024.
The Third-Party guidelines copy was also presented to the senate committee understand fully the action of teachers’ employer during a meeting held on March 26 this year when Dr Nancy appeared before the committee.
This information is in pursuant to the request of the Senate standing committee on Trade, Industrialization and Tourism, for additional information regarding subscription of teachers to Metropolitan Sacco country wide.
Bungoma Senator David Wakoli had raised concerns over unclear Sacco deductions for teachers in Bungoma despite instruction from the commission for stoppage.
The senators had requested to know why deductions were directed to a Sacco accused of embezzling KSh12 billion.
The woes of the Metropolitan Sacco started three years ago after some of its members realized that they were unable to make any withdrawals from their savings and also were denied loan facilities despite having active accounts.
The members also complained of the Sacco refusing to refund entire share capital after a member exit, non-functional mobile banking services, lengthy loan approval process and withholding of 50 per cent of members dividends.
The Sacco, which has a membership of about 75,000, majority being teachers, issued gross loans amounting to KSh16.7 billion against a total income of KSh1.99 billion in the year 2020, according to the Sacco Supervision Annual Report (2020).
Its total assets and deposits stood at KSh16.73 billion and KSh7.64 billion respectively, in the same period.
The Sacco began sliding into financial trouble in 2019 following a surge in bad loans that squeezed its liquidity and ability to meet member withdrawals.
The April 2022 audit also revealed that the Sacco had loaned out KSh7 billion to ghost members as Committee members questioned on how millions of shillings were withdrawn from single teller at a Nakuru branch.
By Brian Ndigo
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