'Bankrupt' Loser Kenyan MPs Rush to Withdraw Sacco Savings

Several Members of Parliament who lost in the just concluded general elections have pitched tent National Assembly offices to push for quick release of their sacco savings.

The move highlights the dire financial deficiency they are staring at following months of election campaigns, where they spent the last penny in their pockets to seek re-election.

Sources inside Parliamentary Savings and Credit Cooperative Society (Pacoso) and Bunge Sacco admitted to an increase in number of MPs seeking access to their savings in the last few years.

An officer at Pacoso offices located at Protection House said that litigants trooped to the offices days after Independent Electoral and Boundaries Commission (IEBC) declared winners of last week's general elections. “We have seen a marked increase in the number of MPs making inquiries either for new loans or access to their savings,” said a Sacco official.

“We have had to regrettably turn down requests for additional loans for those with uncleared balances.”

Over 61 per cent of members of the National Assembly or 179 in the 11th Parliament lost their seats in August 8th polls.

MPs are entitled to gratuity or end-of-term send off package totaling Sh2.8 billion, translating to about Sh6.6 million per legislator.

MPs who unsuccessfully defended their seats have been busy processing discharge documents to facilitate speedy payment of their dues. “This form is issued to certify that all office property and other dues have been returned and rights to access property or services have been appropriately discontinued,” the clearance form says.