For close to a year, Sacco Societies Regulatory Authority (SASRA) board has been taking shape, starting with the appointment of Jack Ranguma, the former governor of Kisumu County, as the chairperson on February 6, 2023.
There have been other new faces too. For instance, Freda Moraa, a former legal advisor in the Office of the Governor, Nyamira County, joined the board as a director on June 23, 2023.
Methuselah Rono, who was working as an adjunct lecturer in the Faculty of Commerce at Egerton University, joined the board on June 16, 2023. This was the same day that Timothy Kihara, a seasoned businessman and CEO of CleanShelf Supermarkets, joined the SASRA board.
The four joined Gerald Nyaoma, who has been serving as an alternate to the governor of the Central Bank of Kenya (CBK) since April, 6, 2016. He is the director of Bank Supervision department at the CBK.
Another old face at SASRA is Alice Mwololo, the chief economist in the Directorate of Budget, Fiscal and Economic Affairs of the National Treasury. She has been serving as the alternate to the Principal Secretary (PS), National Treasury since October, 14, 2015.
Then there is Peter Njuguna, the SASRA CEO who joined this institution in 2010 alongside Roselyne Ragama who serves as the corporation’s secretary.
With the board now complete and having had months to gel and figure out what their strategy is, the board members were on March 13, 2024 inaugurated by Simon Chelugui, the Cabinet Secretary (CS) in the Ministry of Cooperatives and MSME Development. This now gives the SASRA board the full mandate to execute its strategy.
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Having spent some months together now, the board is expected to move swiftly to deliver where the previous team stuttered, including putting in place deposits cover for the over Ksh400 billion depositors’ money under its supervision.
The SASRA board inauguration was also attended by Patrick Kilemi, PS in the State Department for Cooperatives, as well as senior SASRA management.
A SASRA brief on the inauguration said Chelugui pledged support for the Authority in the execution of its mandate for stability of the Sacco sector, which is a key segment of cooperatives in Kenya that serves a majority of the very low and medium income earners in the country.
Part of the agenda that the board was asked to press without fail is ensuring that all money saved in Saccos is safe and well-managed for the savers.
SASRA had already submitted to Treasury the proposed amendment to the Sacco Societies Act, 2008 that will for the first time help in protecting depositors from losses. The board will have to push on this and ensure that it sets up a deposit insurance fund for credit unions as was provided for in the Sacco Societies Act enacted in 2008.
This will rescue savers from losing money in financially distressed Saccos. But first, SASRA has to ensure the amendments to this Act are made to provide for a framework for appointment of trustees to the Deposit Guarantee Fund.
Other matters expected to occupy the SASRA board include ensuring sound management amid high adoption of digital services and the supervision of Saccos operating from the diaspora.
By our reporter
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