Co-operative societies in Kisumu County have been urged to join Sacco Societies Regulatory Authority (SASRA) to improve their financial situation.
The officer in charge of cooperatives in Kisumu Central sub-County Philip Akama said they would organise a meeting for members in order to educate them on the importance of being a member of SASRA, a body whose mandate is to regulate, supervise and license Saccos and Co-operatives in the country.
Speaking in Kisumu, Akama pointed out that a number of Saccos in the region have qualified to be members of regulatory agency yet they are not aware.
He said it is now a requirement that Saccos that have an asset base of Ksh100 million must be SASRA members.
Akama who is also in charge of Kisumu West and Seme said SASRA being a regulatory body is a vital component within the Cooperative Act.
Once a member of SASRA, Akama explained, a Sacco must apply to be given an auditor by the regulator unlike before when they used to hire on their own.
He said SASRA would ensure that briefcase Saccos are weeded out from their midst. Akama also warned Saccos within the transport sector against exploiting motor vehicle owners.
The only way of restoring sanity in the industry, he pointed out, is for the National Transport and Safety Authority to crack down on unroadworthy vehicles.
By Fredrick Odiero
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