The government has ordered an inquiry into Safaricom Sacco, recently rebranded as Qona Sacco, following allegations of financial mismanagement.


In a Gazette Notice, Commissioner for Co-operative Development David Obonyo directed that the investigation cover the Sacco’s financial and operational status, its by-laws, and the conduct of both current and former management committees.

“I authorize Silars Okoth Dede, Assistant Director of Co-operative Audit; Benjamin K. Rop, Principal Co-operative Officer; and Michael Kangethe, Senior Information Technology Officer, to hold an inquiry within fifteen (15) days from the date hereof at such place and time as may be expedient and duly notified by them,” the notice reads in part.

The probe follows an audit by PricewaterhouseCoopers (PwC), which reportedly uncovered massive mismanagement at the Kenya Union of  Savings and Credit Co-operatives (KUSSCO), resulting in member losses exceeding Sh12 billion.

The revelations have forced several saccos to make loss provisions, potentially leading to reduced dividends for savers.

Founded in 2001 as a staff savings initiative for Safaricom employees, the Sacco, now with more than 18,000 members and assets surpassing Sh11.5 billion, rebranded to Qona Sacco as part of efforts to modernize operations and expand its membership base beyond Safaricom staff.

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