The Cabinet Secretary, Ministry of Cooperatives and Micro, Small and Medium Enterprises (MSMEs) Development, Wycliffe Oparanya, has asserted that the government will take ruthless measures to curb financial mismanagement within the Savings and Credit Cooperative Organizations (SACCOs) in the country.
The CS confirmed that the government will streamline operations with the important sector by implementing decisive measures to ensure accountability and integrity in their operations.
Speaking at the 10th Annual Sacco Leaders Convention held at Pride Inn Mombasa, the CS noted that individuals found guilty of misappropriating Sacco members' funds will face severe legal consequences, reinforcing the commitment to protect members' investments.
Oparanya highlighted that he recently handed over a forensic audit report on the Kenya Union of Savings and Credit Cooperatives (KUSCCO) to the Inspector General Police, to launch immediate investigations into the alleged financial irregularities. "Moving forward, similar measures will be taken against any cooperative leaders who misappropriate or mismanage members' funds-let me be clear, this will no longer be tolerated," Oparanya cautioned.
