The Sacco Societies Regulatory Authority (SASRA) has given the nod to more savings and credit cooperative organizations (SACCOs) to operate in Kenya, signaling continued growth in the country’s cooperative financial sector.
According to Kenya Gazette Notice No. 15383 published on October 24, SASRA authorized additional SACCOs to engage in both deposit-taking and specified non-deposit-taking business for the 2025 financial year.
Under the notice, two deposit-taking SACCOs and three non-withdrawable deposit-taking SACCOs were granted licenses to operate deposit-taking businesses. These SACCOs are; Kumikumbu Sacco Society Limited, based at the National Museum Headquarters in Nairobi, Setyon Sacco Society Limited, located in Kericho
The authority also approved three new non-withdrawable deposit-taking SACCOs: Kenfam Non-WDT Sacco Society Ltd, Urban Roads Regulated Non-WDT Sacco Society Ltd, and ACK Imani Fellowship Non-WDT Sacco Society Ltd, allowing them to operate under the Non-Deposit-Taking Business Regulations of 2020.
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SASRA, however cautioned the public against engaging with unlicensed entities claiming to offer SACCO services, warning that only duly licensed organizations are permitted to conduct deposit-taking or non-deposit-taking business.
“Any person or entity transacting with an unlicensed SACCO does so at his or her own risk,” the notice stated.
The regulator also directed all licensed SACCOs to prominently display their original licenses at their registered head offices and to ensure compliance with prudential standards.
By Juma Ndigo
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