The Sacco Societies Regulatory Authority (SASRA) has revoked the licences of Kenya Midland Sacco Society in Bomet County and Jacaranda Sacco Society Limited from Kiambu for the period commencing January 1, 2024, to December 31, 2024.
In a Gazette Notice published on Friday, Chief Executive Officer Peter Njuguna explained that the two societies failed to undertake deposit-taking business in the past year after their licences expired two years ago.
This is in line with Regulation 6 of the Sacco Societies Act which states the requirements of issuance of a licence.
"A Sacco society which fails to commence deposit-taking Sacco business within twelve months of the grant of a licence under this Act shall if it still proposes to operate such business, make a fresh application under section 24," reads part of the Act.
Njuguna indicated that the two Saccos's licences were not renewed upon expiry on December 31, 2022, and thus stand revoked.
In the notice, Njuguna also listed 300 Saccos whose licences were renewed to operate deposit and non-deposit-taking businesses.
The Authority warned the public to ensure that a Sacco is duly licensed by the Authority before registering with it.
Failure to adhere to the rule, according to SASRA, poses a risk to the person or entity conducting the business.
Additionally, every licensed or authorised Sacco Society is required by law to at all times, display the original authorisation certificate at their registered Head Offices and a copy thereof at all other registered places of business.
Public and private institutions were also warned to desist from facilitating unauthorised entities to undertake illegal Sacco businesses through deductions and remittances.
Established under the Sacco Societies Act 2008, SASRA is mandated to license, supervise and regulate Sacco societies.
