Management boards of Savings and Credit Cooperatives in the country have been urged to exercise transparency and accountability in the management of Sacco resources.
This was said by the Nakuru County Commissioner of Cooperatives Patrick Makenyango when he presided over the 38th Annual General Meeting of Egerton University Savings and Credit Cooperative in Njoro on Friday.
The commissioner observed that Sacco members entrust board members as custodians of their savings and other resources of Sacco by electing them thus it was unethical and betrayal for board members to mismanage Sacco resources.
He noted that the sole role of Sacco managers was to motivate savings and borrowing that empowers members financially and socially and to grow Sacco assets for the benefit of members.
“It is not ethical and lawful but a betrayal of trust by members for people who have been elected and entrusted to manage Sacco resources to practice mismanagement. The duty of Sacco managers is to mobilize savings from members and to encourage borrowing that empowers members and works towards social stability,’’ observed Makenyango.
He announced that the government through the Ethics and Anti-corruption Commission (EACC) would soon establish a special unit to monitor the operations and conduct of Sacco managers in the country.
He warned corrupt Sacco managers to desist from mismanaging Sacco resources. At the same time the commissioner urged Sacco members to exercise caution when electing officials to management boards and to ensure that the elected officials operate within the laid down regulations and procedures.
He further cautioned Sacco managers against enacting new policies without consulting members.