Details Of Metropolitan Sacco Emerges

Member savings in Metropolitan Sacco are at risk as it’s declared insolvent, needing Sh7 billion to recover.

Metropolitan Sacco declared insolvent after an audit revealed:

β€”Sh703 million unaccounted for (2015-2022).
β€”Sh176.9 million missing from branches
β€”Sh49 million in dubious M-Pesa transactions.
β€”Sh490 million in non-performing loans to employees.
Sh1 billion overstated in loan records.
β€”Assets stated at Sh28 billion, but only worth Sh14 billion

Via BUSINESS DAILY

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