Kenya Union of Savings and Credit Cooperatives (KUSCCO) Advocacy Manager Mercy Njeru has urged the government to allow only the official regulator to audit Saccos in the country for improved efficiency, transparency and confidence among cooperative societies.
Njeru said currently there are many state agencies competing to audit Saccos, raising suspicion among Saccos to the extent of refusing to reveal their financial status to safeguard the confidentiality on behalf of members and stakeholders.
Njeru said all Saccos in Kenya are willing to be audited, but the red flag is raised when numerous auditors show up asking for their books of accounts and financial statements.
“We should only allow the official Sacco regulator to audit Saccos for the purpose of transparency and accountability,” she said.
She said that KUSCCO has played a major role in the development of Saccos in Kenya and they will continue to do so for the benefit of members.
“KUSCCO has played a major role in the economic development of many Saccos and we will continue to perform our duties,” said Njeru.
KUSCCO has 3700 corporate and 600 million individual members.
Njeru said Kenyan Saccos are disciplined and have good structures that have brought success in all their activities.
She added that Saccos are vehicles of economic development and many of them have proven to increase their asset bases and saving power to a high level.
By Peter Otuoro
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