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Saccos seeking banking status asked to adhere to regulations

Savings and Credit Co-operative societies (SACCOS) planning to convert into commercial banks or buying stakes in existing banks have to comply first with the regulations outlined by Sacco Societies Regulatory Authority (SASRA).

The regulator, however, has welcomed the idea of converting into banks, saying it demonstrates the appetite by Saccos to widen their service delivery scope as well as expanding the market share.

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