The Government, through a notice by the Sacco Societies Regulatory Authority (SASRA) has unveiled a new list of 359 Savings and Credit Cooperatives Societies (Saccos) licensed and authorized in the country.
SASRA said the companies have met the requirements and have since had their licenses renewed to undertake their business.
Out of this, 176 operate deposit-taking while 183 others are authorized to carry out non-deposit business.
Deposit-taking Saccos are 2NK, Acumen, Afya, Edus, Kenya highlands, Boresha and Defense Sacco societies, among others.
Non-deposit taking- Rembo shuttle, Post bank, The Standard, Ukaguzi, Ubora, Unga and Vision regulated non-WDT Saccos.
SASRA chief executive officer Peter Njuguna has put on notice individuals operating any Sacco without their approval that is an offence and they risk prosecution.
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“It is an offence punishable by prosecution under the Act and the regulations made for any person to conduct or undertake a deposit-taking and or specified non-deposit-taking Sacco business, with any Sacco Society or entity, unless the Sacco Society has been duly licensed or authorised by the Authority,” said Njuguna.
The public has been advised to avoid conducting transactions with unlicensed Saccos and to only deal with Saccos that display their valid licensing documents as required by the regulator.
Before a Sacco is registered, it must comply with all the SASRA regulations.
“Every licensed or authorized Sacco Society is required by law to all times, display the original license or authorization certificate (as the case may be) in a conspicuous place at their registered head offices, and a copy thereof at all other licensed or authorized places of business,” the notice further reads.