26 June 2011
Nairobi — Saving societies with interest in providing deposit services have until June 2014, to meet all regulatory standards.
This includes meeting safety measures that will guarantee members security of their savings.
Mr Peter Gakunu, Sacco Societies Regulatory Authority (SASRA) chairman, announced yesterday as he approved Kilifi Teachers Cooperative Society to start offering deposit services for its members, at Sassra’s head offices in Nairobi’s Upper Hill.
According to Mr Gakunu, the move by Kilifi teachers will see it launch its Sacco link ATM card and a website.
It will be mandatory for all Saccos operating Front Office Services to deposit Sh10 million, which will be the guarantee for security of member’s deposits. They were also to have applied afresh for operating licenses by June 17 this year.
Closely monitored
In the meantime, Mr Gakunu said, operations by Saccos will be closely monitored through annual certifications and forensic audit of accounts.
He said the journey towards this deadline started after the publication of Sacco Regulatory Laws in June 2010, which heralded a new dawn for the Sacco sub sector after enactment of the Sacco Societies Act 2008.
He added that the regulator was committed to setting prudential standards on capital, investments, non productive assets and external borrowing.
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Saccos Given June 2014 Deadline