New law set to beef up sacco regulators roles

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Nation | by Brian Ngugi


The long-awaited reforms in the co-operative sector have moved a step closer after parliament opened the draft National Cooperatives Development Policy to public scrutiny ahead of debate.

The policy will bring all financial societies into the umbrella of the Sacco Societies Regulatory Authority (Sasra), raising hopes of taming of financial improprieties that have characterised non-deposit taking saccos that are currently not under Sasra oversight.

The lax oversight has seen rogue saccos take clients’ money only to fold after a while going under with…

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