The Saccos Society Regulatory Authority (SASRA) has outlined several requirements that deposit-taking Savings and Credit Cooperative Organisations (SACCOSs) must provide before renewing their license.
According to the Authority, a SACCO that holds a deposit-taking licence and wishes to renew it must first obtain application and fit-and-proper test forms for its board members and senior management.
In a brief notice on Wednesday morning, the regulator also advised SACCOs to provide a certified copy of their registration certificate and a verified official notification of the Society's registered head office.
Similarly, a SACCO in need of license renewal must furnish the regulator with a certified copy of its bylaws, business plan and approved copy of the annual general meeting minutes.
To further enhance compliance with the Saccos Society Act, a deposit-taking cooperative must also give the proposed name of its Chief Executive Officer and the preceding 3 years' audited accounts to renew its license.
The SACCO must also provide proof of adequate capital and, consequently, pay Ksh3,000 as an application fee. Upon payment, the credit society must provide a deposit slip or bankers' draft upon payment.
"Note that SASRA may ask for additional information on any of the licensing requirements for purposes of assessing the application," the Authority announced.
The list of requirements comes two days after SASRA directed deposit-taking societies to renew their operating licenses for 2026 before September 30 this year.
In a notice on Monday, August 25, SASRA raised an alarm over reports that some cooperative organisations were operating without a valid license, which, according to SASRA, contravenes the law.
According to the Authority, the requirement for license renewal was in line with the SACCOs Society Act, which requires credit societies to apply for the renewal of the deposit-taking licenses at least 90 days before expiry.
"The Sacco Societies Regulatory Authority reminds all deposit-taking SACCOs that the renewal window for their 2026 deposit-taking licenses is open from now until 30th September 2025," SASRA stated.
"Applications must be submitted in line with the guidance note and the license application checklist available on our website: sasra.go.ke," the Authority added.
