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SASRA Signs MoU with DCI to Combat Fraud in SACCOs

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The Sacco Societies Regulatory Authority (SASRA) has signed a Memorandum of Understanding (MOU) with the Directorate of Criminal Investigations (DCI) to formalize the establishment of the Sacco Societies Fraud Investigation Unit (SSFIU).

The signing of the MOU signifies an important milestone towards the realisation of the Authority’s reform agenda of entrenching corporate governance practices among SACCOs as well as the fulfilment of President Uhuru Kenyatta’s directive issued in July 2019 to establish the Unit.

Speaking during the MOU signing ceremony, SASRA Chairman John Munuve said: ‘’ We view this MOU as an important and serious commitment to work closely with DCI in transforming the SACCO subsector.  The establishment and operationalization of the Fraud Investigations Unit, came at the most opportune time, to complete the cog of the supervisory framework of SACCOs in Kenya, which was initially largely reliant on prudential supervision.’’

Mr Munuve disclosed that the SSFIU is and will remain critical in complementing the prudential supervision conventionally undertaken by SASRA’s technical staff, by taking-up identified cases of fraudulent conduct during prudential supervision and investigating the same. In instances, where criminal culpability is proven, and with concurrence to the relevant prosecution agencies, Mr Munuve said that the Unit shall take lead in ensuring that the culprits are prosecuted and brought to justice.

“A time has come when the safety of members’ savings and deposits in Saccos must be guaranteed and always assured. This is the only way in which citizens will use or consider using Saccos as an alternative and worthy investment destinations for their savings,” added Mr Munuve.

He concluded by revealing that the formed Unit is expected to collaborate with the Authority to develop and implement robust market surveillance and monitoring mechanism to prevent frauds or disrupt planned fraudulent activities in SACCOs. He noted that the proactive actions will be crucial in stopping the loss of members’ funds, instead of waiting to pursue the culprits after the losses.

In March 2020, DCI seconded three (3) highly trained and skilled financial fraud officers to SASRA to lay the groundwork for the operationalization of the Unit. The SSFIU has already started working with highly trained officers from both the DCI and SASRA and has already started receiving and investigating information from individuals and organisations to prosecute Sacco Society officials, staff and other players implicated in financial and cyber-related fraud.

DCI has seconded two (2) more investigative officers to the Unit to improve its capacity to follow up cases efficiently and expeditiously. The Unit now has five investigative officers from DCI.

Speaking at the MOU signing ceremony, DCI representative John Gachomo said: “It is important to stress that in today’s economy, financial transactions are heavily conducted using technology and other digital services. And SACCOs have not been left behind in this. I do want to call out stakeholders within the SACCO subsector to fully embrace the newly created Unit as a lever to the transformation of the SACCO movement in Kenya.’’

Saccos have established themselves as formidable players in the financial sector, deepening wealth creation, investment, and savings besides offering financial services to unbanked Kenyans. This has made it necessary to improve oversight and ensure that the savings of members are protected.

The unit will be domiciled at SASRA and is expected to detect and prevent fraud as part of improved corporate governance in the Sacco sector in line with SASRA’s Strategic Plan for 2018-2022.

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KBL launches corporate logo redesign competition ahead of 100th birthday in 2022

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Kenya Breweries Limited has launched a competition for the design of a new logo as it looks to mark its 100th birthday in 2022.

Dubbed KBL Still Got Skillz?, the competition is open to design artists from Kenya aged between 21 and 25 years and is intended to culminate in a next-generation logo for one of Kenya’s oldest companies as it marks its centenary.

Artists have been invited to submit their artistic impressions of how a Kenya Breweries Limited (KBL) logo would look like at www.eabl.com/stillgotskillz from November 29 to December 10, 2021. The submissions can be made by an individual or a group of up to four people.

The artists with the winning submission will win a cash prize of KSh1 million and an opportunity to intern at J. Walter Thompson (a Scangroup creative agency), where they will work with a team of experienced creative and advertising experts.

The second and third placed will each receive a cash prize of KSh500,000 and KSh250,000 respectively. The top three designs will be selected by judges after a hackathon where the top 20 will refine their submissions under the guidance of experienced professionals in the design world.

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Billionaires want to make money and will not invest in something because it’s good: Senator Sakaja

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Speaking as the chief guest during the 3rd Edition of the Association of Startup and Small and Medium Enterprises conference held at the crown plaza early today Senator of Nairobi County Hon. Johnstone Sakaja weighed in on why Kenyan Billionaires are not interested in Investing in Scalable Start ups.

Sakaja wants NLC probed for delay in issuance of title deeds to Nairobians

“Billionaires are not interested in nice things.They are interested in making money. As such they put their money where they see money can be made and where their interests are protected. They are not necessarily the good people who like hugging as saying this is a beautiful thing to do.They are sharks and if they do not see how they will benefit from a start up they will not have any interest in it.”

Speaking on how such Private sector players can be influenced to take an active role in enabling growth of scalable startups Hon Sakaja added.

“For such billionaires to invest in scalable start ups incentives by the cabinet secretary to include tax incentives and laws safeguarding such investor interest by the National Assembly should be put in place.So for the first 5 years such investors may be excepted from corporate tax or be entitled to some tax breaks.”

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Boma International Hospitality College on the spot for denying a lady graduation due to alleged sexual harassment case

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A section of lobby groups and education stakeholders are now demanding that Boma International Hospitality College to immediately ensure that one student, Jolly Gatwiri Mugendi, has graduated.

This is after it emerged that she had been denied her rights to graduate despite the fact that she had completed her studies.

The lobby groups under the umbrella body dubbed ‘Concerned Citizens Kenya’ argue that Ms Mugendi is being denied her rights to graduate because she refused sexual harassment advances by the manager of Estate Sonsira where she was undergoing her industrial attachment leading to a delay in releasing her attachment documents hence the delay to submit them to the College for graduation.

It is believed that after Estate Sonsira realized their mistake, they quickly released her documents but despite that, Boma International Hopsitality College still refused to have her name among those expected to graduate this year.

‘This is against the vision, mission and core values of Boma International Hospitality College, and also contrary to the Sexual Offences Act, a behavior that is unwelcome and offensive to the recipient. Denying Jolly Gatwiri Mugendi her right to graduate after completing her studies has created conditions that are intimidating and humiliating to her,’ says the lobby groups.

They further say that all the actions and atrocities by Boma International Hospitality College and the management of Estate Sonsira has made her suffer physical, psychological, spiritual and economical damage, shame, humiliations, fear and isolation’s trauma which includes numbness and headaches, depression, fear of authority, flash backs and intrusive thoughts, decreased self-esteem, introversion and lethargy.

‘We wish to state that all certificate, diplomas and degrees offered at Boma International Hospitality College are sexually transmitted. Students cannot get certificates, diplomas and degrees at the College unless a student parts with sex and that all the stated violations and abuses are happening with the full knowledge of Kenya Red Cross Secretary General Dr Asha Mohammed who is also the Director of the College, and Gina Din-Kariuki the Chair of the board of the College, Mr Samuel Irungu the Director Academic Affairs at the College and George Adala the Director of internship,’ they say.

The lobbies now demand that the College offers Ms Mugendi her Diploma and participate in the graduation ceremony that will be held this Friday failure to which they shall hold a protest march over sexual harassment at the College.

 

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