The Sacco Societies Regulatory Authority (SASRA) has revoked the licenses of B-Smart and Multiple Sacco Societies, effective January 23, 2025, citing non-compliance with regulatory requirements.
In a Gazette Notice dated January 24, SASRA CEO Peter Njuguna disclosed that the two societies failed to renew their licenses and meet members’ obligations, violating Regulation 6 of the Sacco Societies Act.
“Every licensed Sacco is required by law to display the original license at their registered head offices,” Njuguna emphasized.
While 177 Saccos successfully renewed their licenses, Njuguna warned against conducting deposit-taking businesses without proper authorization.
He cautioned that engaging with unlicensed entities is punishable under the Act, urging public and private entities to cease dealings with unregulated Saccos.
SASRA further directed licensed Saccos to avoid investing members’ funds with unregulated organizations, advising any existing investments to be recalled immediately.
Established in 2008, SASRA is tasked with regulating and supervising the Sacco industry to protect members’ interests and promote financial stability.
This decisive move shows the regulator’s commitment to ensuring the integrity of Kenya’s Sacco industry and safeguarding members’ funds.