KUSCCO Theft: How Kenyans Scamed Sh13Billion Saccos Cash


Kenya Union of Savings and Credit  Cooperatives (KUSCCO) has brought to light of the public after falsely multi- billion fraud losses. This comes after audit report by PricewaterhouseCoopers LLP (PwC) that KUSCCO forged auditor's signature. 

Approximately a total of 247 Saccos across the country at risk of loosing their funds. 

KUSCCO has been exposed in financial irregularities including; falsified profits to cover financial troubles, manipulated financial records to hide losses, contracts awarded to firms linked to top managers, large scale bribery involving top executives and unexplainable bank withdrawals. 

In May, 2024 KUSCCO board was fired after auditor revealed Sh6b illegal funds withdrawn.

Shillings of worth of deposits have been lost in several saccos. During an interview discussion on NTV, Sacco Societies Regulatory Authority (SASRA) CEO, Peter Njuguna said that corporate governance at KUSCCO collapsed, efforts to regulate the union failed and officials heist with cash.

Former Cooperatives CS Chelugui in his ministry sacked 15 member board and apponted new. However, since the new  board did rogue money laundering expose, current Cooperatives Cabinet Secretary, Wiclyfe Oparanya handed over the matter to Police boss Douglas Kanja a day after exposed.

"At its peak KUSCCO had a share capital of Kes. 3.3 billion, Kes. 15.3 billion in deposits and savings both amounting to Kes. 18.6 billion loans to members of Kes. 14 billion. Unfortunately, KUSCCO later diverted from its core mandate into financial and investment services without proper structures, regulatory oversight and investment policy frameworks," Oparanya wrote.

List of Saccos which lost funds under KUSCCO include;

1. Mhasibu Sacco Sh480M

2. KENPIPE Sacco Sh466M

3. Balozi Sacco Sh438M

4. Kimisitu Sacco Sh354M

5. Stima Sacco Sh108M

6. AMREF Sacco Sh90M

7. LSK Sacco Sh19M

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