Sacco Leaders to Be Put on Task as New Law Knocks

Cabinet Secretary for Industry, Trade and Cooperatives, Peter Munya, announced that the Government is set to open a Criminal Investigations Department unit within the Sacco Societies Regulatory Authority (SASRA).

The Department will be mandated with the responsibility of ensuring members funds are not embezzled, no malpractice and corruption within the Saccos.

The CS added that the government would also be streamlining how the Saccos operate as more reinforcement is to be expected after a review is done on the regulations governing the Saccos by Societies Regulatory Authority. 

Some of the changes expected include address on matters poor governance and non-remittance of members funds by employees.

Moving forward, Sacco leaders will also be subjected to vetting, so to determine their education levels, age and years of experience.

The CS further turned down the request to have co-operative leaders serve for 10 years as SASRA also opposed it.

Many changes are expected in the event that, the new policy is signed into law as this will also task Counties roles of registering, auditing and inspection and monitoring county- specific Saccos, the powers of commissioners for cooperative development will also be reviewed.

The document is to be submitted to the cabinet for processing after scrutiny before being signed into law.

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