Govt opens probe into Qona Sacco’s finances and management

NAIROBI, Kenya, Oct 7 - The government has ordered an inquiry into Safaricom Sacco, recently rebranded as Qona Sacco, following allegations of financial Kenya breaking news | Kenya news today |..

✨ Key Highlights

The Kenyan government has launched an inquiry into Qona Sacco (formerly Safaricom Sacco) following allegations of financial mismanagement. The investigation will cover the Sacco's finances, operations, by-laws, and the conduct of current and former management committees.

The probe was authorized by Commissioner for Co-operative Development David Obonyo and will be conducted by a three-person team within 15 days.
The inquiry follows a PricewaterhouseCoopers (PwC) audit that reportedly uncovered mismanagement at the Kenya Union of Savings and Credit Co-operatives (KUSSCO), leading to member losses exceeding Sh12 billion.
Qona Sacco, founded in 2001, boasts over 18,000 members and assets exceeding Sh11.5 billion, having recently rebranded to expand its membership beyond Safaricom employees.

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