Savings and credit societies, commonly known as Saccos, play a critical role in engendering a savings culture among Kenyans, primarily because they offer the incentive of giving loans at friendly rates.
The idea of Saccos is premised on trust and this is why it is important that rules, laws and regulations must be put in place and stringently enforced to ensure that that trust is not broken.
When members, many of them poor people or workers with average incomes, put their money in Saccos, they expect that the officials elected and staff employed to manage their money will do so prudently, transparently and with the best interest of savers at heart.
It is, therefore, immoral for the individuals entrusted with such responsibilities to turn into the predators who siphon away the money that workers have sacrificed to save.
That is why both the regulators and law enforcement agencies must execute their mandates of punishing errant Sacco officials and staff by making theft of Sacco funds highly unattractive.
There must be no room for impunity where the savings of poor and average Kenyans are concerned. Besides blacklisting thieving officials and staff, authorities must also be seen to be taking criminal litigation and actually jailing those found culpable.
Other jurisdictions like the US have shown the way, sending high-profile individuals to jail for misappropriating savers' money.
As it is, Kenya has not developed a robust savings culture. The co-operative movement has played a critical role in raising the levels of savings vis-a-vis incomes, making Kenya one of the shining examples in the region.
The country needs to build on this foundation, which has taken years to build.
It cannot be that a few rogue officials and staff can roll back those gains. If firm punitive action is not taken now, the problem can only get out of hand. This must not be allowed to happen.
The money that poor and average Kenyans have struggled to save must be ring-fenced against a few rogue elements if we are to secure their future and build a sub-sector that promises so much growth and prosperity.
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Note: The results are not exact but very close to the actual.
