Bankers working at KCB Bank Group, Cooperative Bank Of Kenya and National Bank of Kenya (NBK) must be a very worried lot.
Their savings at the Kencom Sacco Society Limited have been looted such that a simple loan application cannot be honored.Read the story as received below:
Hi Cyprian,
Kindly allow me to expose the gross mismanagement at KenCom Sacco.
The Sacco has not paid dividends to its members for a long time, and when members apply for loans, they take a long time to be processed; sometimes for a period extending beyond one year.
Worse still, it takes more than 6 months to pay off members who no longer work with KCB.
It’s a collusion between Sacco managers and some honchos inside the KCB bank.Members hardly receive any concrete response.
The problem is that they apparently invested into real estate hoping that members will buy those houses. But they’re beyond the affordability of a common Mwananchi.
The houses are going for as high as Kshs. 30 millionsImagine having savings of up to Kshs. 800K, then you apply for a loan worth Kshs. 1 million, but a year later it has not been processed.
The Sacco is actually not de-linked from KCB; it’s one and the same thing, only that it has a separete board.
Our complaints to Sacco Societies Regulatory Authority (SASRA) have gone unanswered.Perhaps another collusion
There’s graft/mismanagement at Kencom Sacco. Our money is stuck there bro…they haven’t paid dividends for a long time, and they’re not approving loans either.
Board of Members of Kencom Sacco 
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