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Are you compensated fully if your SACCO closes?
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rogersha82
#1 Posted : Monday, August 10, 2015 9:24:09 PM
Rank: New-farer


Joined: 5/26/2010
Posts: 13
Location: Nairobi
Greetings,

Like any other investor i'm curious how secure SACCO's are. Are they insured? To what extent?

A look at SASRA licensed SACCO's (These are SACCO's that offer FOSA) if the SACCO collapses you'll be given up to 100,000 of your deposits (not share) Article No. 59 http://www.sasra.go.ke/i...-framework#.VcjrpXgdLFI

How about SACCO's not regulated by SASRA like Mhasibu Sacco? Are they insured?

And still 100K is quite low.

Thoughts/Insights Wazuans?
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newfarer
#2 Posted : Monday, August 10, 2015 9:39:42 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,504
Location: Uganda
I have one collapsed sacco holding my 250k.the officials roam the streets of nairobi freely. Coop officials at nyayo house sided with the sacco officials until it we were milked, sorry molised dry. Members attempts to change the supervisory committe were thwarted by ministry officials who maintained that we had to retain one of the sacco thieves in management.
Even a demand letter to the sacco from my lawyer has borne no fruits. I have written off the amount and moved on.
punda amecheka
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murchr
#3 Posted : Monday, August 10, 2015 10:11:02 PM
Rank: Elder


Joined: 2/26/2012
Posts: 15,979
Did you have to open another thread for that one question?
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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Shak
#4 Posted : Tuesday, August 11, 2015 12:04:58 AM
Rank: Elder


Joined: 2/22/2009
Posts: 2,449
Location: Africa
newfarer wrote:
I have one collapsed sacco holding my 250k.the officials roam the streets of nairobi freely. Coop officials at nyayo house sided with the sacco officials until it we were milked, sorry molised dry. Members attempts to change the supervisory committe were thwarted by ministry officials who maintained that we had to retain one of the sacco thieves in management.
Even a demand letter to the sacco from my lawyer has borne no fruits. I have written off the amount and moved on.

Please name and shame the SACCO
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newfarer
#5 Posted : Tuesday, August 11, 2015 6:10:58 AM
Rank: Elder


Joined: 3/19/2010
Posts: 3,504
Location: Uganda
Shak wrote:
newfarer wrote:
I have one collapsed sacco holding my 250k.the officials roam the streets of nairobi freely. Coop officials at nyayo house sided with the sacco officials until it we were milked, sorry molised dry. Members attempts to change the supervisory committe were thwarted by ministry officials who maintained that we had to retain one of the sacco thieves in management.
Even a demand letter to the sacco from my lawyer has borne no fruits. I have written off the amount and moved on.

Please name and shame the SACCO

It was a registered in house employees sacco with 288 members . some officials were sacked for issues non related to the sacco , others resigned from employment and the remaining were protected by incorporation as the sacco was limited liability company and the employer said they cannot interfere with the sacco management.

Took the matter to coop ministry but the officials seemed compromised to a point of siding with the thieving sacco officials.
punda amecheka
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mawinder
#6 Posted : Tuesday, August 11, 2015 7:06:37 AM
Rank: Elder


Joined: 4/30/2008
Posts: 6,029
newfarer wrote:
I have one collapsed sacco holding my 250k.the officials roam the streets of nairobi freely. Coop officials at nyayo house sided with the sacco officials until it we were milked, sorry molised dry. Members attempts to change the supervisory committe were thwarted by ministry officials who maintained that we had to retain one of the sacco thieves in management.
Even a demand letter to the sacco from my lawyer has borne no fruits. I have written off the amount and moved on.

Why not hire some boys to deal with the officials once and for all or do the officials have security detail? Deal with them Kihiu Mwiri style. In case you are interested you know who to contact.
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