The State Department for Cooperatives is seeking the service of the Ethics and Anti-Corruption Commission in a bid to unmask Sacco managers involved in graft.
Principal Secretary of the Department Ali Noor says a Memorandum of Understanding will be signed next week to provide synergies on how to combat corruption with the aim of protecting member deposits.
Responding to the calls of safeguarding the Cooperative Societies funds, the government has now introduced measures that will ensure members’ funds are not tampered with.
Cooperatives PS, Ali Noor says one of the measures include the formation of a task force that will ensure reinforcement existing Sacco laws.
The ministry is similarly in the final stages of drafting governance policy for Sacco movements to improve the sector’s management.
Hazina Sacco Chairman Evans Kibagendi says the move will see cooperatives experience a streamlined and transparent transaction that will boost confidence among Kenyans intending to save with.
The sector has been marred with cases of fraud within some Sacco Societies in the country something that has impacted negatively on the movement.
The Cooperative movement, which contributes up to 35 percent of the national savings, is believed to be one of the major sectors with the potential to boost the financing of the government’s Big 4 agenda especially the Housing program