Sacco Societies Regulatory Authority (SASRA) Chief Executive Officer Peter Njuguna, on Friday, January 27, approved Royal Media Services' application to operate a Sacco.
The Royal Media Regulated Non-WDT-Sacco is open to receive membership from in-house staff and past employees of Citizen TV, Inooro TV, Radio Citizen and other sister media stations under Royal Media Services (RMS).
"In accordance with regulation 8 of the Sacco Societies (Deposit-Taking Sacco Business) Regulations, 2010, the 176 Sacco SocietieOisted in Schedule I herein are duly licensed to carry out deposit-taking business in Kenya as provided in the Act," Njuguna explained.
The license will be valid for one year, commencing January 1, 2023, to December 31, 2023.
Royal Media Regulated Non-WDT-Sacco is expected to apply for another approval, which will be evaluated after the stipulated term ends.
"In accordance with regulation 6 of the Sacco Societies (Non-Deposit-Taking Business) Regulations, 2020, the 183 Sacco Societies fisted in Schedule 2 herein are duly authorized to undertake the specified non-deposit-taking Sacco business in Kenya.
"As provided in the Act as read with the said Regulations, 2020, for the period commencing January 1 to December 31, 2023," Njuguna added.
The Royal Media Regulated Non-WDT-Sacco will be housed at Communication Centre along Maalim Juma Road in Nairobi and authorised to receive deposits from members.
RMS's Sacco will also receive share capital, and issue loans to journalists and staff members at the organisation.
It will also help members procure, trade, and distribute large volumes of inputs.
Members will further realise industrial development in rural areas through agricultural and non-agricultural produce and marketing ventures.
"Consequently, the said Sacco Society does have the legal capacity to undertake specified non-deposit Sacco business in Kenya," Njuguna noted.
Kenyan Saccos offer savings accounts and low-interest rates on loans compared to traditional banks.
