Cooperatives Cabinet Secretary Wycliffe Oparanya has ordered a major crackdown on all Savings and Credit Cooperatives (SACCOs) across the country as part of a broader plan to ensure proper management of members' funds.
Speaking during a stakeholder forum on Tuesday, February 18, Oparanya announced that the government would soon conduct a forensic audit of all SACCOs to bring corrupt officials to justice.
The CS revealed that several SACCOs across the country were facing financial distress, a situation which informed the government's decision to conduct a forensic audit.
Oparanya also disclosed that plans were underway to formulate new regulations to guide the operations of cooperative societies and train SACCO officials.
