Recourse on Sacco

Hi Talkers,

Got a pal who had some savings on a Sacco. The Sacco has had liquidity issues and he stopped contributing and quit. The challenge is that they have been sitting on his savings for the last 2 years instead of refunding.

What can he do to get back his money?

Regards,
Tiriitiondo, Phd, EBS, Esq.

Hizi Phd, EBS, Esq. that you keep putting after your name ni useless given that you got B+ and below on your SE

Kimbia SASRA

If it has liquidity issues, then most likely it is not registered with SASRA. It is always important to ensure that a sacco is recognised by SASRA before committing your money.

Not necessarily. Sacco’s zenye sii za employees wa govt are going through some unprecedented challenges brought on by msito Kofid Naindin and the continuing downturn in the economy. Hapo hata SASRA hawawezi kusaidia. Dawa ni kuride the wave mpaka things look up. No financial institution can survive a run on deposits. What is happening ni watu wengi after kuchujua job ama biashara kwenda segemnege wanakimbia sacco kujitoa. Sasa mkikuja watu 300 mkitaka pesa yenu at the same time itatoka wapi?

Sasa hii rant yako tasaidia aje hii mujamaa ya sacco apate pesa zake?

I always tell this shit to shut his mouth if he has nothing intelligent to say. Umbwa haiskii.

Ass washer, you forgot to tell us what you scored out of 700 in 1990?

SACCO ni za wale fala mang’aa hazitaki kuambiwa ukweli. Sacco ziko kenya na india peke yake, dunia mzima. Sacco ziko zile nchi umasikini umekita mizizi. Unakopeshwaje savings zako na za guarantor wako na ulipie na interest?

The same way unaibiwa mabilioni yako halafu unaletewa hurubalo.

Arror does not chair the cabinet. Arror has no bank. Arror is not the minister for finance. Huwa anaiba aje? Anaweka wapi? Mbona DPP Hajj asichukulie yeye hatua? DCI Kinoti amelala? Kama hamuwezi shika Arror akifanya io makosa mnasema amefanya, mtadeal aje na alshabaab wenye wako na silaha hatari za kuangamiza wananchi?

Hao akina dpp na dci ni toothless dogs, ata kubweka hawawes. We cannot base uncle Machos innocence/guilt on the two. Wewe jua tu huyo mujomba wako ni jambasi sugu lenye miraba minne.

SASRA regulates deposit taking SACCOs only. Hizo zingine ni Ministry of cooperatives

Go and rant in their main branch, keep wailing and shouting and threaten to commit suicide if they don’t refund you. To prevent this desperation getting into other clients, they will refund you at least uwaondokee.

Do this soon, coz the more you wait the deeper they sink and soon there may be nothing to salvage.

This is the stupidest thing one can ever do. Kama hakuna pesa hakuna. Hata uhare kwa ofisi yao na hakuna pesa nothing will happen. The best way to go about it is to request for a payment plan because businesses are bleeding and cash is becoming harder to find.

I gave him the solution to use if he is desperate, hii mambo ya ungwana yako doesn’t work and jamaa will end up losing money. You don’t know how rogue some of these Kenyan organizations are.

By the way if he doesn’t do this he will lose his savings, TOTALLY. Unless you are part of the cartel that manages that Sacco, you should let him do what I recommended ama he will part of the statistics of suckers in Kenya.

There is no way one can loose money in a Sacco that is registered and regulated. Your payment can only delay as the yput their house in order but will never fail.