Sacco regulator tightens rules on member deposits

Sacco Societies Regulatory Authority CEO John Mwaka speaking on the Non-deposit taking SACCOs regulations which prescribes the prudential and market conduct measures to be complied with by all SACCO Societies.[Wilberforce Okwiri,standard]

Savings and credit co-operative societies (Saccos) must comply with new regulations by June 30.

The Sacco Societies Regulatory Authority (Sasra) has ruled out an extension for compliance to the Sacco Societies (Non-Deposit-Taking Business) Regulations, 2020, saying the societies had over a year to prepare for the rules.