Bunye Betfu SACCO placed under regulatory intervention

The Bunye Betfu Buhle Betfu Savings and Credit Cooperative Society Limited (SACCO) has been placed under regulatory intervention due to concerns regarding its governance and operations. The intervention was announced by the Commissioner for Cooperatives in collaboration with the Financial Services Regulatory Authority (FSRA).

The decision follows findings from two forensic audit reports conducted by PricewaterhouseCoopers (PwC) and SNG Grant Thornton. Authorities stated that the intervention aims to strengthen governance, promote operational stability, protect member interests, and ensure the long-term sustainability of the cooperative.

Administrative processes for overseeing the society’s daily operations are currently being finalized. Once complete, the Commissioner for Cooperatives will convene a Special General Meeting (SGM) to brief members on the intervention, the proposed roadmap, and the status of dividend and interest payments. Members have been urged to remain calm and cooperate with authorities to restore accountability and transparency.