A storm is brewing at the Metropolitan National Sacco Society Limited as it emerges that over 100,000 members have lost a staggering Ksh15 billion in savings between 2021 and 2023. This financial catastrophe has left many members—mostly teachers and civil servants—reeling, with no clear resolution in sight.
The Sacco’s interim chairlady revealed that this loss is attributed to the mismanagement and lack of accountability by the former regime.
Allegations have surfaced that the previous board either misappropriated or mismanaged the funds, leading to the massive depletion of members’ savings. The situation has sparked outrage among the members, who are now demanding answers and action.
In response to the crisis, the interim board has urged government agencies responsible for overseeing Saccos, along with the Directorate of Criminal Investigations (DCI), to expedite the investigation process. Their hope is that some of the embezzled funds might be reclaimed, providing a glimmer of hope to the affected members.
As investigations continue, the Sacco’s leadership has called on the remaining members to rally together to help restore the institution’s stability. However, the damage has already been significant, with many members losing trust in the Sacco, leading to a noticeable decrease in membership.
Earlier this year, an audit revealed that Ksh12 billion was stolen or embezzled through a complex network involving both past and present senior staff members and board directors.
The report exposed a grim picture of systemic fraud, where funds were not just stolen but deliberately funneled through shadowy channels. This left members unable to withdraw their hard-earned savings or access loans, plunging them into financial distress.
The scandal first came to light three years ago when members began lodging complaints after finding themselves blocked from accessing their own funds.
The growing outcry prompted a more in-depth investigation, which culminated in April 2022 with the appointment of a special audit team to scrutinize the Sacco’s operations.
The audit uncovered shocking levels of theft and embezzlement, but despite these findings, no one has yet been prosecuted, and the stolen sums and assets remain unrecovered.
The ongoing uncertainty has left members frustrated and anxious, as they wait for justice and hope that some portion of their savings might still be salvaged.
Meanwhile, the Sacco’s reputation hangs in the balance, with its future depending on the outcome of the investigations and the ability to rebuild trust among its members.
