31/03/2021
SAVING SACCO WARNING!
Have you ever been in a Sacco?
How was experience during your time?
We wish to notify you our dear fan that,
When joining a Sacco, kindly ask for these documents;
1: Registration form
2: Sacco by laws
3: Withdrawal form
We have noted with the great concerns on how some saving Sacco's are conning their customers across the country.
Recently, the number of saving sacco's have tremendously increased almost in every county but barely checked by government.
We have received numerous complains from a quite number of people, explaining on how they were conned their savings.
Peter, not his real name, joined one the leading Sacco's here in Kenya and started to save ksh 2,000 every month.
By the time of joining, peter did not ask for Sacco BY LAWS and WITHDRAWAL forms to read and understand their terms of service.
Three months down the line, peter, who was then employed in the private sector, resigned and immediately went ahead to withdraw his savings.
Like any other Kenyan, Peter walked into the sacco to withdraw his savings but was told to fill a withdrawal form and it will take three(3) good months for him to access his savings of ksh 6,000.
Peter, then filled all the required forms on that day. But after three(3) months, peter did not receive his savings and decided to do a follow up on the same.
Two(2) weeks later, peter was given his saving less ksh 3,500.
Peter was angered by this and went ahead to inquire what happened to savings. He was told that, there were other out standing charges that reduced his savings from ksh 6,000 to ksh 3,436.15.
Peter, was angered by this but he could do nothing about it.
We followed up on his case but we were told, peter signed all the documents that authorizes all the standing charges.
It is on this bases that, we saw a need to make you informed and make an informed decision in future when joining a saving sacco.
