Official warns residents against joining fake Saccos

BySacco Review

Jun 8, 2018

By Munene Maina

Laikipia West Co-operative Officer Rosemary Ngugi has cautioned residents against joining any new Sacco that opens offices in the area without knowing them better.
She noted many Saccos were opening branches in the area and it was prudent for the public to seek more information before saving their money with them.
“We have Saccos that are duly licensed to operate but there are others whose operations are suspicious. Let’s be alert, some open and close shop almost immediately,” she said.
Ngugi, who was addressing members of Home Business Sacco in Nyahururu during their annual general meeting said the County Government of Laikipia was in full support of the co-operative sector.
She said the County had even purchased software to help co-operatives have smooth operations across the county.
The official said co-operative societies must fully comply with all the set requirements if they have to keep their licenses.
She said the Government was serious in ensuring members money is safe in Saccos.
She noted the co-operative sector was a key driver of country’s economy.
“I urge members to have the right attitude to Saccos and aggressively assist in recruiting more members,” she said.
Ngugi lauded Home Business Sacco for good leadership and impressive financial performance for the year 2017.

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