All is not well with Unaitas Sacco dream to be a full fledged Bank. Since 2018, Unaitas Sacco has been boasting to be ready to roll out a commercial bank services if central Bank of Kenya (CBK) lifts moratorium on licensing imposed in 2015.
Surprisingly,the report claims,Unaitas management has compromised SASRA to be given a clean bill of health on its reports when all is not well. Sasra CEO name features in the state report intelligence report. Unaitas uses the Sasra report as part of the application to run a bank.
Of great concern is the infighting among Unaitas board of directors and senior staff members in management. Another CBK concern is the Sacco inside link to frequent cyber attacks and poor services. According to an insider, the Sacco lost a cool Sh500 million through flagged accounts, unflag and transfer funds. Sources say despite the Sacco investing in a new technology T24 banking system, the crime is still rife to date.
Intangible assets by then was projected at a cool 2,632 per cent within a year. Talk is rife within the banking industry, Unaitas falsified its book keeping while applying to be a commercial bank. Reports indicate, the Sacco has perfected an act of having morethan three set of accounting books.
The Sacco chairman Joseph Kabugu to hoodwink members all is well has been selling the issue of expecting CBK issuing a banking licence year after year raising eyebrows.
Martin Muhoho is the CEO.
One area that is ailing the Sacco is over ambition by expanding and opening new branches managed by inexperienced staff employed on nepotism and sexual favours. The CEO, chairman and a section of directors allied to the chair being major culprits.