The Sacco Societies Regulatory Authority (SASRA) has urged members of the public to be cautious before putting their finances in a Savings and Credit Cooperative Organisation (SACCO). SASRA, in a notice on Monday, August 25, raised an alarm over reports that some cooperative organisations were operating without a valid license, which, according to the Authority, contravenes the law.
In its advisory, the regulator called on Kenyans to first verify the licensing status of a SACCO through the SASRA website, which contains a published list of licensed credit cooperatives, before saving up. "Operating a SACCO without a valid license is unlawful.
Members of the public are encouraged to verify the licensing status of any SACCO Society from the published list before undertaking any financial transactions," SASRA warned.
A banner at an event held by the Sacco Societies Regulatory Authority (SASRA) in March 2024.
