The rising number of insider fraud at the UNAITAS Sacco could wipe away the struggling Sacco little monies, we can report.
The Sacco recently applied for a banking license but all that glitters is not gold.
Media reports indicate that Kenya’s Savings and Credit Co-operative Societies (SACCO) have a value of Kshs. 1 trillion shillings. In the past one year, we have been treated to news of SACCOs defrauding clients, losing clients’ money or engaging in unplanned moves like banking, in turn, incurring a lot of problems leading to loss of money.
There have been reports of two cyber attacks on Unaitas Sacco, and all these cases have never been investigated to their conclusion because the senior managers led by Martin Muhoho Kinuthia don’t want the truth to get out.
To play their games, the Sacco blames some hackers from Ukraine for compromising their systems yet it was an insider scheme hatched by the senior management to loot from their members.
We have reports that the Sacco lost a whooping Ksh. 104 Million in all these instances.
The management has refused to seal the internal insider fraud loopholes that have seen members keep losing billions.
In the next article, we will reveal how the Sacco infighting is threatening to hurt its march to becoming a fully-fledged bank.