Setting the Record Straight
Kenyan diasporans across Europe were recently taken aback by reports on the liquidation of AWE Diaspora Savings and Credit Cooperative Society (Sacco). Misinformation surrounding the closure has caused concerns among members, prompting the organization to issue an official press release on March 3, 2025, clarifying the circumstances.
Contrary to speculation about “billions in lost member savings,” AWE Diaspora Sacco was a small, voluntary cooperative formed to serve Kenyans in Europe. Established during the COVID-19 pandemic, it remained relatively unknown and operated on a modest scale, with members actively engaged in their full-time careers.
Why Was AWE Diaspora Sacco Dissolved?
In April 2024, AWE Diaspora Sacco held a formal Annual General Meeting (AGM) where members unanimously voted to dissolve the society. The reason? The operational model was deemed unsustainable in the long run.
This decision was not imposed by external regulators but reached collectively by the membership after a transparent discussion. Importantly, there were no concerns raised about missing funds or mismanagement—all savings remain accounted for.
The Liquidation Process: What Members Should Expect
Following the vote to dissolve the Sacco, the Ministry of Co-operatives stepped in to oversee a structured liquidation process. Commissioner David K. Obonyo formally appointed Susan Ong’ondi, an Assistant Commissioner for Co-operative Development, as the official liquidator.
Her role includes:
✔ Conducting a final audit to ensure financial transparency.
✔ Overseeing the distribution of remaining funds proportionally to members.
✔ Ensuring compliance with Kenyan cooperative laws to protect members’ interests.
Obonyo has reassured members that past financial audits did not indicate any losses, meaning there is no reason for alarm regarding their savings.
Misinformation and Diaspora Concerns
The sudden media coverage of AWE Diaspora Sacco’s liquidation—especially the claim of “billions in lost savings”—has fueled unnecessary worry. In its March 3, 2025, press release, the Sacco’s leadership strongly denied these allegations, emphasizing their long-standing commitment to integrity and member welfare.
Members are encouraged to rely on official communication from AWE Diaspora Sacco rather than unverified media reports. The Sacco has committed to providing regular updates as the liquidation process progresses.
Final Thoughts
While the closure of AWE Diaspora Sacco marks the end of a chapter, its transparent dissolution process should reassure members that their interests remain protected. The Kenyan government’s cooperative regulations ensure that members will receive their due funds once liquidation is complete.
For members and stakeholders seeking clarification, AWE Diaspora Sacco has reaffirmed its commitment to fair resolution and encouraged direct communication for any concerns.
For official updates, members can reach out via email: admin@awesacco.com.
