Mwaka leaves SASRA after major reforms

BySacco Review

May 1, 2021
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By Malachi Motano

The Sacco Societies Regulatory Authority (SASRA) Board has appointed Peter Njuguna as the acting Chief Executive Officer following the exit of John Mwaka after the expiry of his term.

Njuguna will be in charge of the institution until a substantive chief is recruited with the board promising to offer him the necessary support and guidance to execute his duties.

Mwaka’s term ended after serving since 2017 when he was appointed to head SASRA.

He initially assumed office in mid-2015 in acting capacity after the previous CEO exited.

 “Just like his predecessor, Njuguna has also been appointed in acting capacity which normally goes for about six months. We can only wish him the best of luck for now,” said the Cooperatives Commissioner Geoffrey Njagombe.

Prior to his appointment, Njuguna was in charge of Sacco supervision at Sasra.

He holds MSc. in Operations Research from the London School of Economics, UK, and a BSc in Mathematics and is also a holder of CPA (K) and a member of the Institute of Certified Public Accountants of Kenya (ICPAK).

“The exit of Mwaka will not leave any gaps at the regulator because the incoming equally boss has enough experience with Saccos and financial institutions in general,” said Njagombe, who added that they had been working in harmony for the success of the regulator. 

Njangombe said the regulator was lucky because it has been led by experienced professionals since establishment, which is a big plus.

Njuguna brings over 10 years of experience from the financial sector to SASRA having worked with Central Bank of Kenya as a Banker Examiner, Financial Consultant with NBC Kenya, Manager with CIC Insurance, Financial Analyst Specialist and Project Director with World Council of Credit Unions in Kenyan projects.

“I am grateful to the almighty God and to the Sasra Board for identifying for the top seat,” he told with Sacco Review.

He is now looking forward to working with the Sacco sub-sector and move it forward for the time he will be at the mantle.

He assumes office at a time when several developments among them regulating Non-Deposit Taking Saccos (NDTs) are taking place.

The NDTs that are currently holding members’ deposits amounting to Sh100 million and above will be regulated by the regulations which took effect on January 1, 2021.

Non-Deposit Taking Saccos refer to Saccos  that take deposits from members only in the form of share capital and the amounts are refundable only when they leave the Sacco.

He is also assuming the seat when  the planned fund to see Saccos cross-lend is taking effect.

“The proposal on formation of a Sh100 billion Central Liquidity Funds (CLF) that will see Saccos lend to one another is awaiting presentation to the Cabinet and already 52 NDTs have expressed interests in joining the fund,” says Njagombe.

Mr. Njuguna becomes the third person to head the regulator since its establishment in 2020 after Carilus Ademba the founding CEO who left in 2015 and Mwaka.

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