Qona Sacco Faces Government Inquiry After Member Uprising
Qona Sacco is under government investigation after members raised concerns over its financial stability and management, prompting a formal probe...
✨ Key Highlights
The Kenyan government has launched a formal inquiry into the financial affairs and management of Qona Sacco, formerly Safaricom Sacco, following member pressure over financial concerns. The probe, authorized by a gazette notice on September 29, 2025, will investigate the Sacco's by-laws, financial conditions, and the conduct of its management.
- Qona Sacco, with over KES 12 billion in assets, acknowledged a KES 26 million loss provision related to its financial exposure to the struggling Kenya Union of Savings and Credit Co-operatives (KUSCCO).
- The inquiry is led by Assistant Director of Co-operative Audit Silars Okoth Dede, appointed by Commissioner for Co-operative Development David K. Obonyo.
- The formal investigation was triggered by a member vote at a Special General Meeting (SGM) on May 31, 2025, following issues raised at the AGM on March 1, 2025.
Continue Reading
Read the complete article from Techish Kenya
Part of the Day's Coverage
Kenyan Financial Firms Launch Initiatives and Face Government Scrutiny - October 2025
Several developments are occurring in Kenya's financial sector. The Kenyan government has launched a formal inquiry into the financial affairs and management of Qona Sacco, formerly Safaricom Sacco, following member pressure over financial concerns. The probe, authorized by a gazette notice on September 29, 2025, will investigate the Sacco's by-laws and financial conditions. Meanwhile, KCB Group is prioritizing sustainable development by screening KES 578.3 billion in loans for environmental and social risks in 2024. Sanlam Kenya has also launched Sanlam Akiba Plus, a digital pension platform aimed at addressing Kenya's retirement savings crisis by targeting SMEs and the informal sector.
