Metropolitan Sacco members take legal route to force deposit refunds
Nairobi, May 27 -- Metropolitan Sacco is facing mounting liquidity pressure as a surge in member exits forces the troubled institution to refund the withdrawing depositors following orders from co-operatives tribunal.
The sacco, which is pursuing its former officials on the back of an untraceable Sh50 billion loan book and negative equity of Sh12 billion, has left its members worried over the entity's future, triggering exit applications.
A growing number of members seeking to withdraw their savings have turned to the Co-operative Tribunal to compel payment, with case records showing a consistent pattern of rulings in their favour.
Regulatory filings show the sacco closed 2024 with Sh7.41 billion deposits and a Sh17.2 billion loan book...
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