Afya Cooperative Savings and Credit Society members have voted out the board of directors amid investigations into the missing Ksh2 billion.
The irate members resolved to remove the 10 members of the SACCO’s board on Tuesday, during a heated Annual General Meeting. They had accused the Cooperatives and MSMEs Cabinet Secretary, Wycliffe Oparanya, of inaction over the alleged misuse of the money.
The officials, including the chairperson, vice chairperson, treasurer, secretary and directors, were voted out as the members continue seeking answers over the alleged misuses of funds.
The angry members, who included workers from a variety of medical facilities and associated industries, chanted protest songs and accused the board of preventing long-serving members from obtaining loans.
The members called on the board to account for the society's finances, culminating in a vote of no confidence aimed at ousting the current leadership.
“Among you, the one who has members’ goodness at heart, kindly just start working out now; we don't need to wait for them to walk out at the same time,” one member said.
“We are going to continue, but not under this leadership,” another member said.
Last month, it emerged that Ksh2 billion could not be traced, sparking a new row for the 54-year-old SACCO.
Members have accused the chairperson, top managers, and chief accountants of embezzling, diverting, and plundering member funds, which have increased to unimaginable levels.
Since the news broke, the members have staged protests demanding the resignation of the board and accountability from the Ministry of Cooperatives.
The SACCO's circumstances changed when it was revealed that it had incurred non-recoverable losses totalling Ksh361.6 billion as a result of its participation in KUSCCO's now-defunct investment schemes.
Due in large part to this write-off, the SACCO's overall operating and financial costs increased from Ksh1.17 billion in 2023 to Ksh1.35 billion in 2024.
Several SACCOs suffered significant losses as a result of the KUSCCO scandal, which rocked the cooperative movement because of the union's alleged poor investment strategies and poor management.
