Mounting Sacco woes turn spotlight on industry regulator

Members queue at Metropolitan Sacco along Koinange Street, Nairobi on April 19, 2022. [Denish Ochieng, Standard

Kenya's thriving Savings and Credit Cooperative Societies (Saccos) sector, which boasts over Sh1 trillion in savings, is facing a wave of negative reports that threaten its very survival, according to Sacco shareholders and analysts.

Despite the government's efforts to promote the Sacco movement as a key driver in boosting Kenyans' savings culture, recent controversies at the Kenya Police Sacco and National Metropolitan Sacco have raised concerns about the effectiveness of the Sacco Societies Regulatory Authority (Sasra) in overseeing the sector.