The Sacco Societies Regulatory Authority (SASRA) in pursuance of their mandate of licensing, regulating and supervising Savings and Credit Cooperative Societies (hereinafter, SACCOs) has on 27^th January, 2017 published a list of SACCOs with restricted licenses for the period ending 30^th June, 2017 in a bid to monitor their compliance with the capital corporate governance requirements.

The SACCOs under the Regulator’s radar include:-

1. Comoco Sacco Society Limited, Nairobi;
2. Jitegemee Sacco Society Limited, Mombasa;
3. Kenya Midland Sacco Society Limited, Bomet;
4. Miliki Sacco Society Limited; Nairobi
5. Moi University Sacco Society Limited, Eldoret;
6. Nandi Hekima Sacco Society Limited,Kapsabet;
7. Neco Sacco Society Limited, Nanyuki;
8. Nitunze Sacco Society Limited, Mumias;
9. Orient Sacco Society Limited, Thika;
10. Rachuonyo Teachers Sacco Society Limited, Kosele;
11. Telepost Sacco Society Limited, Nairobi; and
12. Uchongaji Sacoo Society Limited, Mombasa.

The Regulator has given these 12 SACCOs limited time to address their capital and liquidity challenges by maintaining a level of adequate capital to protect the public against potential losses that attach to financial institutions.

The minimum mandatory core capital required before a license is issued to a SACCO is Kshs. 10 million which amount is reviewed and monitored regularly. Upon receiving a license, a SACCO society is required to prepare and submit a return on capital adequacy by the 15^th day of the following month.

Where the capital level of the SACCO is below the regulatory threshold, the Authority may pursue several remedial actions provided under Sections 51 and 66 of the Sacco Societies Act No. 14 of 2008 as well as Regulation 68 of the Sacco Societies (Deposit-Taking Sacco Business) Regulations, 2010. The Regulator may also pursue administrative sanctions against the Sacco Society or its officers which may include prohibition from declaring or paying dividends, suspending of lending, investment and credit extension operations and any other action deemed appropriate by the Authority.

Please find here the complete list of the SACCOs licensed to undertake deposit taking SACCO business for the year ending 31^st December, 2017.

Please contact us at Info@cfllegal.com should you require further information.