Senator petition Senate to probe collapse of Metropolitan SACCO

Nominated Senator Tabitha Mutinda has petitioned the Senate to urgently probe the financial collapse of Metropolitan National SACCO Limited.

Auditors had uncovered Kshs12 billion loss, over 75,000 members were unable to access their savings.

Senior officers were dismissed and replaced by a caretaker committee in 2022.

In a Statement to the Senate Committee on Trade, Industrialization and Tourism, the Senator cited the SACCO’s declared insolvency by the Commissioner for Co-operatives, attributing it to widespread financial mismanagement and alleged embezzlement.

The senator noted reports of irregular lending, fake dividend declarations, and loans issued to fictitious members practices she says have severely eroded member trust.

Senator Mutinda emphasized the need for transparency and justice for affected depositors.

She is seeking a full disclosure of the SACCO’s financial position, audit findings from 2020 to 2024, and whether any audit recommendations were implemented. She also called for a clear recovery plan to restore member funds.

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Senator also demanded accountability for those responsible and questioned whether the SACCO Societies Regulatory Authority (SASRA) effectively carried out its oversight mandate. She urged reforms to strengthen regulation and safeguard depositors’ rights.

The investigation, prompted by complaints from teachers about mismanagement, revealed significant financial discrepancies.

Teachers Service Commission (TSC) suspended remittances for 11,310 teachers affiliated with the Sacco in April last year.

On April 4th 2025 the Chief Executive Officer Cyrus Kariamwere appreciated members to support the journey towards stabilizing and realizing its hard earned investments.

In a notice to members the CEO called for members to give suggest and input on the Sacco’s brand /rebranding ideas including but not limited to any possible names for consideration.

By Obegi Malack

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