Tower Sacco reveals Sh150mn cash deposit losses in KUSCCO
NAIROBI, Kenya, Jan 28 - Tower Sacco has disclosed that it lost Sh149.5 million in cash deposits held at the financially troubled Kenya Union of Savings Kenya breaking news | Kenya news today |..
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Tower Sacco has revealed a loss of Sh149.5 million in cash deposits held at the embattled Kenya Union of Savings and Credit Cooperatives (KUSCCO). This comes amidst a major financial mismanagement scandal uncovered by a forensic audit at KUSCCO, affecting numerous Kenyan Saccos.
- A PricewaterhouseCoopers (PwC) audit indicated approximately Sh13.3 billion was lost through fraud and mismanagement at KUSCCO.
- Several other SACCOs, including Afya Sacco (Sh361.6 million), Mhasibu Sacco (Sh13 million), and KMA Sacco (Sh525 million), have also written off millions due to the scandal.
- Despite these losses, Tower Sacco's profit after tax increased to Sh1.1 billion in 2025, up from Sh848.9 million in 2024.
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Kenyan Financial Reports Reveal Sh11bn SHA Loss, Credit Upgrade, and Infrastructure Funding - January 2026
An audit by Kenya's Ministry of Health has revealed that the Social Health Authority (SHA) lost Sh11 billion due to fraudulent claims from private hospitals. Separately, Tower Sacco revealed a loss of Sh149.5 million in cash deposits held at the embattled Kenya Union of Savings and Credit Cooperatives (KUSCCO) amid a mismanagement scandal. In other financial news, Moody’s Ratings has upgraded Kenya’s sovereign credit rating from B3 to Caa1, reflecting a decline in the country’s near-term default risk. Additionally, Kenya is funding the rehabilitation of the Mombasa Road with Sh4.5 billion from securitised Roads Maintenance Levy (RML) funds, part of a larger Sh21 billion allocation.
