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Is your Sacco regulated? SASRA warns Kenyans against saving their money in institutions blindly

SASRA Shuts Down Two SACCOs Over Non-Compliance

Sacco Society Regulatory Authority (SASRA) has cautioned Kenyans against unregulated SACCOs operating in the country.

There are over 300 Deposit Taking (DT) and Non-Deposit Taking (NDT) SACCOs licensed by SASRA to operate in Kenya.

SACCOs licensed to operate in Kenya

The regulator listed 176 DT SACCOs approved to operate in Kenya for the period between January and December 2023.

Out of the list, there are 183 NDT SACCOs licensed to operate in the country within the specified period.

“I has come to our attention that a large section of the public and institutions are still undertaking unregulated Sacco businesses with entities which are neither licensed nor authorised to do such business,” noted SASRA CEO Peter Njuguna in a notice released on December 19, 2023,

How to avoid losing money through unlicensed Sacco

Nguna said the cases have been the major cause of occasioned loss of members’ funds when such institutions fail to meet their obligations.

He advised the public to exercise caution and follow requisite steps when joining a Sacco, to avoid such instances.

“I warn public and private sector companies, institutions and entities to cease and desist from facilitating unauthorised entities to undertake unregulated Sacco businesses through deductions and remittance of employees funds to them,” he said.

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