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"content": "Hon. Deputy Speaker, pursuant to Standing Order 44 (2) (c), I rise to request for a statement from the Chairperson of the Departmental Committee on Trade, Industry and Co- operatives regarding the theft of Ksh25 million belonging to Nakoyonjo SACCO Society in Bungoma County. Savings and Credit Co-operative Societies (SACCOs) play a critical role in the economic empowerment of Kenyans, particularly farmers, small-scale traders and other vulnerable groups. To this end, the Co-operative Societies Act (Cap 490B) requires SACCOs to safeguard members' funds and manage their financial affairs prudently. Specifically, sections 27 and 53 of the Act obligate co-operative societies to exercise diligence in financial transactions, comply with regulations on the prevention of financial mismanagement and losses, and implement internal controls and risk management measures to protect members deposits. Members of Nakoyonjo SACCO Society are concerned that its management purportedly withdrew a large sum of cash amounting to Ksh25 million from the Co-operative Bank, Bungoma and transported the cash all the way to Ushirika Bank in Kimilili Town, where the cash is claimed to have been stolen by Ushirika Bank staff at the Bank’s entrance. By opting for cash instead of a safer cashless transaction, the management of the SACCO disregarded best financial practices for minimizing the risks associated with cash handling, raising serious concerns about the financial security of co-operative societies and members’ funds. Hon. Deputy Speaker"
}