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Urithi Premier Sacco, which is associated with Urithi Housing, is among a list of five Savings and Credit Cooperative Societies (SACCOs) which have been blacklisted by The Sacco Societies Regulatory Authority (SASRA) in suspiscion of swindling money from unsuspecting Kenyans. In a notice on print media last Thursday, SASRA said that they were not authorised to open for the public savings and deposit  accounts, offer Automated Teller  Machine (ATM) services or mobile money business. These services, popularly known as Front Office Service Activity (FOSA), enable SACCOs to operate in nearly the same way as banks.

Those on SASRA's blacklist are;-
1. New Milimani Sacco Society which operates in Nairobi and other parts of the country,
2. Good Life Sacco Society Ltd/Fedha Micro-Finance Investment Ltd
3. Millionaire Sacco Ltd which is online,
4. Prevailing Sacco Society which operates in Nakuru and Eldoret
5. Urithi Premier Sacco/Urithi Housing Cooperative Society Ltd.

SASRA warned the members of public that whoever deposited money with the said SACCOs would be doing so at their own risk.

“Members of the public are therefore requested and advised to desist from undertaking or transacting deposit-taking Sacco business (FOSA) with any person, institution or entity unless the person, institution or entity is licensed by the Authority as a deposit-taking Sacco Society, and to report any such person, institution or entity to the Authority or the nearest police station for appropriate action,” read the statement from SASRA.

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