February 8, 2023

Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya

The Leading Newspaper for Co-operative Movement in Kenya

Sacco members confront officials demand refund of their savings

David Kinyua an employee of B-Smart Sacco limited confronted by Sacco members who demanded refund of their savings. Photo Courtesy

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By Our Reporter
Members of B -Smart Sacco Limited are demanding to be refunded their savings after the Sacco
reportedly failed to issue them with loans and blocking them from withdrawing their savings.
The shareholders said the Sacco has not been giving them loans for two years now and has
declined to give them back their savings.
The members who are mostly traders in Gikomba market in Nairobi stormed the Sacco
headquarters in Nairobi City demanding to be refunded their savings.
Leah Wangechi who joined the Sacco six years ago had deposited over Sh 1.4 million in savings
said she cannot withdraw her savings and had not been given a loan she applied for almost one
year.
She said the Sacco management have been giving excuses that the C.E.O has not yet signed the
loan application forms.
Another member Mary Njoki, said she has not been able to withdraw her savings and the Sacco
has failed to solve members financial needs.
David Kinyua who is an employee of the Sacco confirmed that some members have applied to be
refunded their cash and they will receive their savings in three months’ time.
He said the Sacco was not able to process their loans since it was hard hit by Covid-19 and also
the 2022 general elections. It will refund back their money and we will also give them loans.
The officer said that the Sacco has issues with only few members who have applied to be
refunded back their savings.
The Sacco CEO locked herself in her office after the members raided the Sacco banking hall, she
declined to address the agitated members and was later rescued by police.
It took the intervention of police officers who whisked her away from the office, the matter was
reported at Kamukunji police station.