- SASRA has urged Sacco members, employees and the public to report suspected financial misconduct in regulated Saccos.
- The regulator says whistleblowers can report anonymously and has pledged confidentiality and protection against retaliation.
- Reportable offences include fraud, theft, bribery, falsification of records and misuse of Sacco funds.
The Sacco Societies Regulatory Authority (SASRA) has urged Sacco members, employees and the general public to speak out against suspected financial misconduct in regulated savings and credit cooperative societies to protect members’ savings.
In a public awareness notice, the regulator encouraged anyone with information about suspected wrongdoing to report it. It said they did not need conclusive evidence before raising concerns, provided their disclosures were honest and based on reasonable grounds.
SASRA identified fraud, theft and misuse of Sacco funds, falsification of financial records, bribery, abuse of office and irregular procurement as some of the misconduct that should be reported.
The authority also wants the public to raise concerns over conflicts of interest, unauthorised disclosure of confidential information and deliberate destruction or alteration of records to conceal wrongdoing.
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Under its Whistleblower Policy, SASRA allows individuals to report suspected misconduct anonymously. It has also assured whistleblowers that their identities and information will be handled confidentially. However, it warned that investigations or court proceedings may sometimes require the disclosure of a source’s identity.
The regulator further stated that it does not tolerate intimidation or retaliation against individuals who make reports in good faith. It urged anyone subjected to victimisation over their disclosures to report such incidents.
To facilitate investigations, SASRA has asked those making reports to provide details of the Sacco involved, the people suspected of wrongdoing, what happened, and when and where it occurred. They should also share any supporting information or documents available.
SASRA clarified that complaints concerning Sacco products and services should be handled through the respective society’s complaints management process. Allegations involving fraud, corruption or attempts to conceal misconduct, it said, should be clearly identified when reporting.
The authority urged the public to report concerns early, emphasising the importance of collective vigilance in protecting Sacco members’ funds and promoting accountability.
By Lizzy Aluga
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