Regulator warns saccos on physical branches expansion spree
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Saccos member deposits up by 9 8pc to 564b
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THE STANDARD By
Kirsten Kanja |
February 3rd 2021 at 15:48:08 GMT +0300
CS Peter Munya (PHOTO: Wilberforce Okwiri)
NAIROBI, KENYA: Non-deposit taking Saccos holding deposits worth Sh100 million and above have up to the end of June to apply for an authorisation to operate from the Saccos Societies Regulatory Authority (Sasra).
This follows the publication of the SACCO Societies (Non-deposit taking business) regulations, 2020, which took effect on January 1, 2021.
Non-deposit taking SACCOs refer to those that take deposits from members only in the form of share capital. These amounts are refundable to members only when they leave the SACCO. On the other hand, deposit-taking SACCOs, besides undertaking the traditional roles of SACCOs (mobilization of savings and advancement of loans to members), also actively mobilize and receive withdrawable deposits. This kind of operation is popularly known as FOSA (Front Office Service Activity) in Kenya, while the former is known as BOSA (