The Sacco Societies Regulatory Authority (SASRA) has revoked the licenses of the B-Smart and Multiple Sacco Societies from January 23, 2025, due to non-compliance.
In a Gazette Notice published on Friday, January 24, SARSA Chief Executive Officer (CEO) Peter Njuguna explained that the two societies failed to apply for renewal of their licenses.
Njuguna also revealed that the societies also failed to meet members' obligations, thus contravening Regulation 6 of the Sacco Societies Act. "Every licensed Sacco is required by law at all times to display the original license or authorization certificate in a conspicuous place at their registered head offices," Njuguna reiterated.
An image of a front office design of a sacco Photo Design Source In the notice, the SASRA CEO also listed 177 Saccos whose licenses were renewed and allowed to operate deposit- and non-deposit-taking businesses.
