Stima Sacco Management
Last week, this blog reported how Stima Sacco members expressed deep concerns about the prolonged outage of the bank’s web portal.
Hundreds of members complained that the lender’s online services have been unavailable for the past month.
The Sacco, which boasts an asset base of over Ksh40 billion, claimed that its system was offline due to an ongoing update.
But despite endless automated responses from Stima Sacco’s customer care team, many depositors remained concerned about the safety of their hard-earned cash and personal data.
In the wake of recent cyberattacks targeting local lenders, the prolonged service disruption left them fearing the worst.
Is Stima Sacco Going Down? Prolonged Service Disruption Sparks Anxiety Among Members
Days after we reported the influx of complaints, Stima Sacco tried to calm members by sharing a sponsored news article across its social media pages, suggesting that they had successfully migrated users to a “new core banking system”.
However, members have expressed that this has not been the case.
“I am unable to log into the new internet banking system. It keeps saying that the customer doesn’t exist,” complained one depositor.
Even more concerning, those who have managed to access the system have reported errors of insufficient funds, despite having money in their accounts.
This has escalated fears within Stima Sacco members, who are now left wondering what is really happening with the Sacco.
Insiders have hinted that the Sacco could be facing liquidity problems, raising questions about the safety and stability of the financial institution
.
The management has failed to adequately address the concerns of its members and provide reassurance on the safety of their hard-earned savings.
The continuous system failures and errors only add to the growing worries among depositors.
But this is hardly a surprise, given their shocking levels of greed and incompetence.
Calls for the removal of certain members of management, including Osman Khatolwa, John Mudany, Anne Owuor, Joyce Ochieng, Josslyn Mutua, Beatrice Meso and Albert Mugo, have grown louder.
They are accused of running the Sacco as a private entity and manipulating proceedings for their own benefit, including demanding bribes to approve irregular loans.
Several irregular loans, made with the help of the cartel, have come under scrutiny.
These include loans to Lean Energy Solutions Ltd, Triple Edge Media Ltd, Migori Teachers Co-operative Society, Maseno University Sacco, and Micol Ltd.
These loans were made despite insufficient deposits, missing documents, and existing charges on collateral properties. The cartel is said to have benefited from the illegal schemes, fueling concerns among Stima Sacco members.
The Stima Sacco scandal is far from over, and it remains to be seen how the evidently inept management will address these pressing concerns and restore the confidence of its depositors.
As the situation continues to unravel, we will actively follow the matter to its conclusion and provide our esteemed readers with the latest updates on this developing story.
We believe that it is our duty to hold organizations accountable and ensure that the public is informed about any potential financial threats.
Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: hello@cnyakundi.com. Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.
