Five Savings and Credit Cooperative Organizations (SACCO) have been blacklisted over allegations of operating illegally and collecting funds from the public with false promises of favourable returns.
The warning was posted by the SACCO Societies Regulatory Authority (SASRA) which is a statutory state corporation.
In the newspaper and online announcement, SASRA warned that the Saccos were duping the public of their hard earned money.
'Members of the public are therefore requested and advised to desist from undertaking or transacting deposit-taking Sacco business (FOSA) with any person, institution or entity unless the person, institution or entity is licensed by the Authority as a deposit-taking Sacco Society, and to report any such person, institution or entity to the Authority or the nearest police station for appropriate action,' the statement reads.
The SACCOs mentioned are Good Life Sacco Society Ltd/Fedha Micro-Finance Investment Ltd , New Milimani Sacco Society, Millionaire Sacco Kenya, Prevailing Sacco Society and Urithi Premier Sacco/Urithi Housing Cooperative Society Ltd
SASRA is charged with giving licenses to Sacco Societies to undertake deposit-taking business ,to supervise and regulate such Saccos in Kenya.
Here is the statement.
